salsapete

Bitcoin - the line in the sand

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin             has found support in past with major reversals around 82-87 % retracement. My thinking is a line in the sand may be formed around the .85% retracement.

As such I think ultimate support will be between $3000- $ 4000 , and as such may be a good buy zone.

Below that , it's more like toast.....:)
I don't see it going below 5,000 the buy orders below that would be too much
Reply
salsapete KENYANCHRIS
@KENYANCHRIS, You may well be right.... It is one of many possibilities. I do know the crypto's have corrected more than once in the past to near 90%.... It may be different this time... I feel the answer will come very soon :)
Reply
nerophon KENYANCHRIS
@KENYANCHRIS, one thing I've learned from this down-trend is that the buy-walls are more fluid than they appear. Traders put them in to catch really fast moves, but as they see slow & steady downward movement they adjust them downward. The irony is that if they left them in place, the price would actually bounce off them, which is exactly what they hope for. Of course, people also need to stop selling.
Reply
almccann nerophon
@nerophon, nice observation. Exactly what I did yesterday..
+1 Reply
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