Bitcoin took a healthy but scary dip over the last two days and is now looking to find support at the former resistance level of $10,400.
If it does my scenario A is likely to play out. Bitcoin did not cross completely through the Keltner channel yet and did a similar bounce-of about halfway into the channel end of June.
However sell pressure may continue and my scenario B is also possible. This would lead to a another dramatic sell-off towards the top of the former long term downward channel.
The ceiling or former resistance of $8,700 would then HAVE to hold or a horde of bears would raise havoc on BTC prices.
More likely given the moment Bitcoin has is scenario A. So this may be a good buy-in opportunity at a rebate price.
If it does my scenario A is likely to play out. Bitcoin did not cross completely through the Keltner channel yet and did a similar bounce-of about halfway into the channel end of June.
However sell pressure may continue and my scenario B is also possible. This would lead to a another dramatic sell-off towards the top of the former long term downward channel.
The ceiling or former resistance of $8,700 would then HAVE to hold or a horde of bears would raise havoc on BTC prices.
More likely given the moment Bitcoin has is scenario A. So this may be a good buy-in opportunity at a rebate price.
Note
apologies for the Bitcoin Halving of 2016 showing up in 2017 during the bull run.Note
Pressure sure is on. Important 24 hours ahead. A continuous break below $10,000 will bring up my scenario B as likely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.