Last week, Bitcoin broke out of its descending long term trendline. However, it couldn't hold above it. Upon moving back to retest the trendline, Bitcoin broke through to the downside and has re-enetered the channel.
The next stop is likely to be around the 6000 area, and should it not bounce there, then it may fall even lower to 5000.
Here's some more bad news: if it breaks the 5000 level then we can expect to see it return to 2000! That's ridiculously low, but it also coincides with the price action of other crypto coins on the market.
Currently we have a forecast for Ripple (long term) at 0.40 - 0.50. And Ethereum (short term) to 440.
If it moves to 5000 or 2000, then it may be a good spot to buy in, pending a breakout of course. We will update then.
Do your due diligence before trading.
The next stop is likely to be around the 6000 area, and should it not bounce there, then it may fall even lower to 5000.
Here's some more bad news: if it breaks the 5000 level then we can expect to see it return to 2000! That's ridiculously low, but it also coincides with the price action of other crypto coins on the market.
Currently we have a forecast for Ripple (long term) at 0.40 - 0.50. And Ethereum (short term) to 440.
If it moves to 5000 or 2000, then it may be a good spot to buy in, pending a breakout of course. We will update then.
Do your due diligence before trading.