BTC long term trend change? Long term view. $8000 take some off.
If you have been holding, $8000 could be a good place to take some profits.
Weekly chart shows the move from last year's euphoria high of $20k down to the low of $3100.
We have taken out a previous swing of $7680 and moving in on next swing of $8500.
We are also at the 2019 yearly pivot price of $8000. Take some profits here. Price could linger before a move higher if this turns out to be a real move up.
The 50% retracement of the complete move down is $11,500. That would be a next stop with a new trend change.
For now, could be looking for pullbacks to $6000 area before moving up on a strong move.
Weekly chart shows the move from last year's euphoria high of $20k down to the low of $3100.
We have taken out a previous swing of $7680 and moving in on next swing of $8500.
We are also at the 2019 yearly pivot price of $8000. Take some profits here. Price could linger before a move higher if this turns out to be a real move up.
The 50% retracement of the complete move down is $11,500. That would be a next stop with a new trend change.
For now, could be looking for pullbacks to $6000 area before moving up on a strong move.