After the unfortunate news and subsequent dip in the market yesterday, Bitcoin seems to have been able to hold above $5,000, and is now consolidating above $5,100. Will this be a temporary stop before more downside? Or can we use this support to push back up and erase the losses from yesterday?
Highlights:
- Despite Bitfinex news yesterday, Bitcoin's tumble wasnt too bad, held above $5,000.
- Now hovering between $5K and $5,300.
- Need to get back above $5,300 and retest to $5,500.
- Losing $5K would likely send us tumbling, but there is a support zone between $4,400 - $4,600.
Bull Scenario:
Bitcoin holds here for a short while, then tests back up to $5,300. If it can get above, it then needs to keep pushing to retest $5,500.
Bear Scenario:
We break below $5K and tumble to at least $4,600. Worst case, we go all the way down to about $4K, though this is unlikely.
I’m not financial adviser just a few quick thoughts.
HAPPY TRADING :)
Highlights:
- Despite Bitfinex news yesterday, Bitcoin's tumble wasnt too bad, held above $5,000.
- Now hovering between $5K and $5,300.
- Need to get back above $5,300 and retest to $5,500.
- Losing $5K would likely send us tumbling, but there is a support zone between $4,400 - $4,600.
Bull Scenario:
Bitcoin holds here for a short while, then tests back up to $5,300. If it can get above, it then needs to keep pushing to retest $5,500.
Bear Scenario:
We break below $5K and tumble to at least $4,600. Worst case, we go all the way down to about $4K, though this is unlikely.
I’m not financial adviser just a few quick thoughts.
HAPPY TRADING :)