04/08/2018/19:30CET
BTC is falling, but how far will it fall, and is this a buy or panic opportunity? Let's take a look.

The daily chart today is looking quite ugly!

What started as a healthy correction after getting a bit over extended has turned into a real fall.
At press time #BTC is trading for 6982 USD after breaking down through our channel, and has also breached the 7050 support. This is bearish!
Currently we only have the 50dma as some support at 6910 usd, which we have just kissed off with a low today so far of 6928 usd.

Our trade recommendation has closed out at 7300 so now we wait for a new entry point once thing settle down.
What I am looking for is a positive crossing of the 21dema which sits today at 7502 usd.

To cheer ourselves up a little, the hourly is looking like it is trying to find its footing at the 7000 mark...

Time to be cautions guys. Hope your safety trades have stopped you from losing too much here!

Let me know how you are feeling in the comments below...

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Disclaimer: This post is not financial advice. Before investing any funds do your own research and make your own decisions. Cryptocurrencies are highly speculative.
And finally: Do not invest money you are not comfortable losing.

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