I believe BTC has been in a distribution phase for last several months and is ready to retest much lower prices . The level i highlighted in blue should provide some kind of a temporary bounce . Let's see where this goes . I gotta admit cryptos is a crap shoot lately . Zero fundamentals and trendless choppy whipsaws . I'll go with the lower lows / lower highs for time being .
Trade closed manually
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Trade closed . BTC is holding support well here at major fib , looks decently bullish right now .
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Although we have some decent support level here , i do not believe that the entire distribution phase has been undone with this simple selloff . I think we revisit the next two levels down . Especially the one around 20k with the double fibs . Im not trading it though , i am just observing for now .