Bitcoin (BTCUSD): On The Edge

Updated

A massive sell-off in Bitcoin today caught some people by surprise. My goal is to present a specific criteria for trend change in this market. In my view, the break of $4236, which is a cluster of the pitchfork trendline and an important fibo-level would lead to more selling and confirm that the market is in a correction mode. Downside targets are drawn on the chart.

Comment

To illustrate my logic further, on a smaller-degree chart:

snapshot

Trade closed: target reached

Main target $3700 has been reached.

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