The 21 Day MA has been breached to the downside. There is some support at 8534 on the Fibonacci. Then support at the 50 Day MA around 8300. If 8300 is broken then next support is in the area of $7600 where there is Fibonacci support and the turquoise dotted line that represents the bottom of the rising trend which is months old. I have been taking my own advice and buying some alts as this downtrend continues. I have said in the past that a pullback to the area of 7800 would be healthy for BTC in order to move up in the 5th wave of the Elliot cycle. It looks as if the downside target has the potential to reach 7600 at this point before rebounding. A rebound from the area of 7600 to 7800 will set Bitcoin up to make a move to the area of 10200 and then if all is well 11,600. These numbers are not exact, they are derived from technical analysis, not a crystal ball.
Again my most favored Altcoins are as follows:
Verge XVG
Lumens XLM
DASH
ARK
Cardano ADA
Golem GNT
LISK LSK
SmartCash SMART
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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
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