Market Analysis: Bitcoin (BTC) headed for $5800. (FEBRUARY 2, 2018)
Bulls capitulate and the price of BTC continues to drop.
After a short mini rally after hitting the 0.786 Fib level the bulls failed to sustain momentum upward giving way to the bears most likely taking the price all the way down to the $5,800 support line. At that point the bulls will get another chance to consolidate their losses and try to move forward again. BTC has seen a steady flow of FUD out of the tradition banking system and regulatory bodies as of late. Despite these recent developments, most long term investors continue to be quite bullish on the medium to long term time horizon.
Great post @humbletrader. I do hope it won't go that low but correction is always better than a crash
no doubt @kbakadave
You got a 12.13% upvote from @minnowvotes courtesy of @humbletrader!