Looking at the longer, weekly chart, bitcoin has the potential to drop to the £5000 mark.
But don’t forget, we have already broken the previous resistance, and are now using that as support which is a positive.
A big moment for bitcoin, and the next direction it will take.
Looking at BTCGBP - Weekly analysis - Strong Resistance at £8228 - I'm looking to go long around £6800 - if BTC breaks through £8228 then will look to see if Resistance then becomes support going forwards- only need one confirmation then we are off!
I produced the trace lines for both bullish and bearish results and as you can see it tracked shortly along the bullish predictions and immediately dropped to the bearish prediction line. Currently it’s following bearish predictions quite closely. Further TA over next couple of hours and where the bottom for this plummet is and if we will start to see the halving...