Today Bitcoin dropped more than $500 at the time of this writing from $6800 to sub $6300. While one would be hopeful of a recovery from the six months long bear market starting Jan'18 till date, it doesn't seem that way. Why?
Bitcoin at $6800 was at the doorsteps of hard resistance line near $7000 area, which had been its supports at previously swing lows of $6000 in 6th Feb’18 and $6425 in 1st Apr’18. Strong supports when broken become strong resistance areas and vice-versa.
We saw from the recent swing high of almost $10,000 Bitcoin to a current downtrend also known as ABC correction as per Elliott Wave Principle. So, the downtrend target remains at $5200.
My previous tweets about BTC downtrend:
https://twitter.com/jyotisrm10/status/1010069406129328128
- jyotisrm10
24-06-18-BTC TA update: