Bitcoin Headed too 4000 after the break of support?
Bitcoin has recently penetrated the support structure that we mapped out as the last chance for the buyers to step it. There was an extended wick that attempted price to climb back above $7,500 however it is failing and further downside is ensuing.
IF BTC cannot break back above $7,500 on these long wicks and close above a stronger downside will open up. This is pivotal in the coming days. As long as BTC continues to close days below $7,300 and volume increases we can be out for the next support level based on Fibs and previous structure.
The first level is the 61.8% extension from the recent tops into $6,100 and then ultimately if the downtrend continues on strong volume, back down to $4,000.
IF BTC cannot break back above $7,500 on these long wicks and close above a stronger downside will open up. This is pivotal in the coming days. As long as BTC continues to close days below $7,300 and volume increases we can be out for the next support level based on Fibs and previous structure.
The first level is the 61.8% extension from the recent tops into $6,100 and then ultimately if the downtrend continues on strong volume, back down to $4,000.
Comment:
Disclaimer: This trade idea is for educational purposes exclusively, this does not constitute investment or trading advice. TRADEPRO Academy is not responsible for any market activity.
Join a community of active traders, both swing and day traders. Education & Live trading.
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
Free Trading Strategy Webinar: bit.ly/2DVb7Zi
