Bitcoin (BTC) - The Uptrend Is Over?!

Bitcoin broke through the 23% support level and made its way to the 38% level.

How low will it go?

Hard to say, but I am looking at a 50% back long here.

The 50% level (around 8800) was a previous resistance level and it may retest this and bounce back up (hopefully!).

Although the trend has entered the bottom half of the Fibonacci fan, it may just continue down as a head fake.

I will start to worry once it enters the 8000-7500 area on unusually high volume.

Until then I am bullish and will just consider it on sale.

Good luck!