Bitcoin BTC bounces hard off $7,300 support
Put this count together using Elliot Wave Theory before the strong reversal overnight from $7,300 to my private members group.
Today's G20 meeting between 19-20 March should provide us with some idea of the direction of crypto markets in the short term.
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Things seem to have bottomed for the moment I hope you picked up some cheap coins.
Yep, for now. We should bounce to around $9,400 and find resistance at the trend line.
If this materialises, and we complete wave D, then we should fall again to retest support of the long term trend line, thus completing wave E.
As we near the apex, a breakout to the upside is highly probable. Let's see what happens.
I’m thinking about playing off that 9400 level. Set a limit and try to pick up a few cheaper coins.
Lots of opportunities for swing trades in current conditions. XRP was a great opportunity earlier as was XLM.
Many of the coins were oversold on all charts.
For long term hodlers, good time to buy the dip because we may not see prices like these for the major cryptos ever again.
I have been hodling my expensively bought coins, but did manage to add to my assets on the way down and around the bottom. Hope it holds.
For future viewers: price of bitcoin at the moment of posting is 8422.20USD
Coins mentioned in post: