HOW LOW WILL BITCOIN GO?? [Market Update & ENTRY LEVELS!] @nakedtrader
BTCUSD
Bitcoin is plunging lower today off a break of its Head & Shoulders neckline, currently below $3,700. But how low can it go? 
Analysis
There are 3 main points of entry:
- At the yellow trendline (not recommended)
Price will either bounce off the yellow line or just go straight through it.
Considering the large red candles currently being produced, this entry level is high risk and if it does bounce we can buy in if it breaks above the H&S neckline (confirmation)
- At BUY ZONE 1 (gold horizontal line is optimal)
Between $3,200 and $3,500 this area matches with the 38.2% and 50% fib levels., which are major levels of support in an uptrend.
Gold line: $3,450
- At BUY ZONE 2 (gold horizontal line is optimal)
This is where the real gains will be made if price makes it down this far. Between $2,400 and $2,900 lies the 61.8% and 78.6% fib levels.
Gold line: $2,850
Closing Thoughts
- Look for volume to stay below average over the next few weeks to signal further downside movement and stay focused on bullish setups occurring in the buy zones.
- Bitcoin is still in an overall bullish market and this is just a correction before price continues to make new all time highs
- HODL! and add to your portfolio at these buy zones, or pick up some cheap altcoins while BTC corrects. Click here to see which altcoin I believe is set to deliver a 70% return!
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Done!