This week Bitcoin closed below a very key technical level. The blue trend line that originates from the April low around $900 has been a guiding formation in Bitcoin's run to $3,000.
The recent pullback has, unfortunately, seen Bitcoin break through this key level. As you can see this trend line has been tested many times, but Bitcoin has not closed below it since April of 2017. This is quite a development and should cause us as investors to analyze the coming trading days with extra caution and scrutiny, even if we remain bullish in the long term.
On a short to intermediate time frame, Bitcoin could head to test support at $2,470 or the $2,110. Regardless, it seems that we could be headed lower in the near future.
Either way, I will keep you posted.
Upvotes and Resteems appreciated.
TN Trader