BitcoinLong
Bitcoin Long Investing (bull run breather?)
Updated
Looks like we are at another cross-roads. This time I am not so optimistic for a continued bull run in the short term. The support trend has been holding strong, but if it gets tested again.. it may not hold. My reasoning for this is that Bitcoin has ran up too quickly and needs a correction for a healthy bull market to take place. The current support up-trend line (in green) is too steep.
But, with that being said. If price action starts to coil up between the resistance and support lines... It could easily blast this up to new highs before any major correction happens. We are in wait and see mode right now.
But, with that being said. If price action starts to coil up between the resistance and support lines... It could easily blast this up to new highs before any major correction happens. We are in wait and see mode right now.
Note
Well I was right. Price rolled over and tested the support and it broke though. There is no telling how far this can fall. 9.5k, 9.3k, 9k are all key levels...I wouldn't be surprised to see this first rally back up and touch the green support line before it falls to those levels.
Not looking good for bitcoin (in the short term)
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