Hey people, another quick roundup about Bitcoin and where it is heading to.
After some recovery, we are about to see another re-test of 5850 USD levels. This is backed by Fred's Overall Market Fomo Meter, which is constantly pointing to the FUD-side:
Overall Fomo Meter showing current market sentiment
There is still some chance Bitcoin is going to avoid that re-test, but that depends on new volume coming in. As it seems right now, the short-term direction is clear and pointing south, which would lead us to Fred's level 3 lows as these were the lows tested before:
Level 1 lows for Bitcoin
But here comes the good news:
If Bitcoin is able to confirm another re-test, we will see it heading back to 6400 USD levels (and probably beyond):
Level 2 highs for Bitcoin
In the unlikely event Bitcoin can avoid another re-test, then prepare yourself for a massive bull run to 6750 USD levels as the volume that would be required should cause a major momentum to actually reach those levels.
Level 3 highs for Bitcoin
Summary
Bitcoin is rather going south in short-term, back to 5850 USD levels and likely bouncing to 6400 USD levels. In the unlikely event of avoiding a re-test, we could see a bull-run up to 6750 USD levels.
This article has been made with the help of Fred (CoinStudio) and a lot of love.
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