This is exactly what Bitcoin needed today, a quick snap back rally! Its looking good so far. In my last update I was looking for price to drift towards the first support level at 2320. We hit a low today of 2291 and prices have snapped back hard. Bulls are holding this level nicely but we need follow through tomorrow for confirmation because there is also a possibility that this could just be a back-test of the broken uptrend line.
Bears were unsuccessful yesterday in closing Bitcoin below the 2320 level. The down volume was strong but price was not able to close below support. This is Bullish absorption , ie. Demand > Supply. There was another attempt today which also failed. If we get follow through to the upside I am looking for Bitcoin to retest 2790. If Bitcoin cannot clear 2550 there is still a possibility that the selloff is not over yet. GL
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