Hi all,
Following on from my last post, we have finally broken down the 0.618 support, stop loss hit and now I'm evaluating how low we might go.
Back in July I highlighted the importance of that chunky green support line we have on the log chart, it appears Bitcoin has broke this and hit the same line as resistance, suggesting we are still correcting.
Currently I see three immediate support zones. 6200, 5500 and 4200. All three are rather heavy support zones but after a break of the 0.618 it seems likely we'll reach at least the 0.786 at 5500.
For the moment I'm in no Bitcoin position, and although I am a long-term bull I see little reason to invest if we can buy in lower.
Following on from my last post, we have finally broken down the 0.618 support, stop loss hit and now I'm evaluating how low we might go.
Back in July I highlighted the importance of that chunky green support line we have on the log chart, it appears Bitcoin has broke this and hit the same line as resistance, suggesting we are still correcting.
Currently I see three immediate support zones. 6200, 5500 and 4200. All three are rather heavy support zones but after a break of the 0.618 it seems likely we'll reach at least the 0.786 at 5500.
For the moment I'm in no Bitcoin position, and although I am a long-term bull I see little reason to invest if we can buy in lower.
