Price broke the side-wards support zone , as well as the horizontal support zone today in some dramatic downside due to a murky sense of fundamentals. Price really took a beating, and broke below the level which I said would invalidate any upside, as quoted ""2 outcomes, some up move now, which will get faded into a correction, or a down move from here, down to the support zone and then a breakout. If price breaks 7120 level, then the upside (At least for now) is invalidated."" So, well done to those who got out at 7120 when I recommended because you managed to close before the big fall came and wiped peoples profits out and induced panic across the marketplace. I mention levels for a reason, and when they're broken, then that is very bad. I will always be here to try and protect as many peoples capital as possible though... Even if I just save 1 person a year from making a calamative trading error, then my job here is done. :-)
Anyway as promised, I said if 7120 is broken, the upside is invalidated.. so here i am back again to tell everybody where price is likely to go after the fall!
As it stands, Bitcoin -3.88% is trading mid-range impulsively bearish at 6420. Price looks like it is mid-wave, and needs to push down further. Only way it could negate current downside is with a huge hammer candle, but I see this as extremely likely and believe the bears and noobs will need to panic sell before we jump in and monetize on the market cynicism. Once they're done, can look for buy opportunities at the lower horizontal support zone between 6010 and 5800.
If price breaks the support zone between 6010 and 5800, then Bitcoin -3.88% could be in a spot of bother, and could get as low as 4800. Of course, if this was to happen, I'd update you all along the way about levels to watch and heed.
I did want to make this analysis hours ago but my PC had a meltdown - that's fixed now and back for some action!
Where do YOU think price is heading? Leave a comment with a chart and let's share our thoughts!
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