Evident there is some form of current profit taking
2 scenarios:
1. weakness in the market, we loose the bottom of the range at $36300 and it could dip down to $30300 which is the 1.618 retracement from the 2017 ATH to the next lowest point which was in December 2018
while writing this it has bounced strongly from support of $37200 by $1000, which makes scenario 2 more likely
2. hidden strength, like under 20K before it was broke, it kept trying at 19.5K, 19.2K etc. and dipping down to low 17K's. It was consolidating under resistance - bullish. If buyers stay strong this is likely to happen again and we break the top of the range of $41500 and head to $47000 which is 2.618 retracement across that same period as mentioned above. For me this is the more likely outcome as BTC is the hedge against what will be almost unavoidable dollar inflation and currency weakness - giving BTC and XAU strength to come!!!
again the $1000 drip almost instant buy back just shows the expectance of the range to be broke upwards! let's see......
2 scenarios:
1. weakness in the market, we loose the bottom of the range at $36300 and it could dip down to $30300 which is the 1.618 retracement from the 2017 ATH to the next lowest point which was in December 2018
while writing this it has bounced strongly from support of $37200 by $1000, which makes scenario 2 more likely
2. hidden strength, like under 20K before it was broke, it kept trying at 19.5K, 19.2K etc. and dipping down to low 17K's. It was consolidating under resistance - bullish. If buyers stay strong this is likely to happen again and we break the top of the range of $41500 and head to $47000 which is 2.618 retracement across that same period as mentioned above. For me this is the more likely outcome as BTC is the hedge against what will be almost unavoidable dollar inflation and currency weakness - giving BTC and XAU strength to come!!!
again the $1000 drip almost instant buy back just shows the expectance of the range to be broke upwards! let's see......