BITCOIN (BTC) UPDATE - DIRECTION OF PRICE?
Bitcoin is currently consolidating around the price 9600. This is after breaking the 10000 support level a second time, and we are starting to see some support being developed around the 9600 area.
I would like to see bounce from this area, otherwise we will most likely see a breakdown to 9000. The 78% fib level is where 9000 lies, and in my opinion should be the last support level Bitcoin drops to.
If we do pullback to 9000, I am expecting the RSI to be very close to/at the point of being oversold. When the price is oversold, there is usually a 95% chance that the price returns to the median.
A return to around the 10200-10600 area is ideal, but really I would like to see in the next couple of weeks a break above 12k. Breaking 12k would signal a bullish market for the whole of the cryptocurrency market.
I do think that Bitcoins price action will end up similar to the picture below, if and only if we bottom at 9000.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
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