Look at that retracement! Bitcoin has sold off over 25% from its all time high at $19,900. The market is still bearish, but it is quickly approaching support that may reverse it.
Buy orders can be placed at 13,300-13,500 where the two month trendline will provide support. The next support is at 12,700. Watch for reversal signals in price, indicators (RSI, Stoch, MACD, etc), and look for a volume spike. I will post updates as we near the target.
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Fibonacci retracement of run from swing low at 2900 to ath shows support at 13,380.
Trade active
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Price reached 13k level on several exchanges, 12.8k on GDAX. Opening long trade.
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Trend line and fibonacci line tapped. RSI support line tapped on 4 hr chart. Volume spike suggests that Bitcoin has put in a bottom. Waiting for reversal signal confirmation from MACD and RSI
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RSI and MACD confirm upward movement and show bullish divergence on the 30 and 60 minute charts.
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Trend line broken. Additional targets are at 10,000 and 8,000.