Traders, all is not lost.
Seems like we have experienced the breakdown in the triangle formation from the past few months. That 20% drop in price 2 days ago was well...crypto at its finest. BUT as well all know...opportunities are made in times of turbulence.
Listed below are 5 possible re-entry points into BTC:
1. 9478 represents the 0.382 Fibonacci support level we have relied on during the triangle formation. But that was broken through. hard. If prices bounce back through it, look to buy back at that price.
2. 8349 | Prices for the past 3 days have been bouncing off the 200 D SMA. Looks like a good support level for the time being.
3. 7555 | This was the support level felt from June 4 - 10. Large possibility that prices could use this as support once again.
4. 7022 | This level represents the 0.236 Fibonacci support level. Buy here if you believe in the Golden Ratio
5. 5408 | This level represents the worst case scenario of the triangle breakdown.
Let me know your thoughts!
Seems like we have experienced the breakdown in the triangle formation from the past few months. That 20% drop in price 2 days ago was well...crypto at its finest. BUT as well all know...opportunities are made in times of turbulence.
Listed below are 5 possible re-entry points into BTC:
1. 9478 represents the 0.382 Fibonacci support level we have relied on during the triangle formation. But that was broken through. hard. If prices bounce back through it, look to buy back at that price.
2. 8349 | Prices for the past 3 days have been bouncing off the 200 D SMA. Looks like a good support level for the time being.
3. 7555 | This was the support level felt from June 4 - 10. Large possibility that prices could use this as support once again.
4. 7022 | This level represents the 0.236 Fibonacci support level. Buy here if you believe in the Golden Ratio
5. 5408 | This level represents the worst case scenario of the triangle breakdown.
Let me know your thoughts!