Updated

BITCOIN CHOPPY RIDE DOWN TO 6K AND 3K

- BITCOIN CURRENTLY APPROACHING RE-TEST OF 9K
- IF 9K SUPPORT FAILS, NEXT STOP IS 6K REGION, THEN 3K REGION.
- POSSIBLE SLOW AND CHOPPY DECLINE" TO 3K OR LOWER

Call it doom and gloom, but Bitcoin is approaching a retest of 9k.

Next stops are 6k and then 3k price ranges. Will be a chopping ride down.

Another possible scenario is for Bitcoin to go back to 13k-16k range before shooting below 10k again.

Should 3k be met, can expect a period of silence for Bitcoin until the next surge upwards.

Bitcoin is full of surprises - I'm not shorting. Shorting Bitcoin scares the hell outta me.

** This information is for educational purposes only and is not advice for investments or trading **

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Appears to have found a recent support line having touched it 3 times.
The way it's going it's going I expect price action in 2-4 hours. Will be interesting to see if it does indeed price back up to the 12k-13k range, or bounce down from 12k to re-test 9k

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Really taking it's time for price action!

Now approaching that 9k re-test. Doesn't look to be swinging back up to 13k/14k before this drop though that was definitely in the cards.

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Bouncing off an old trend line (the thick red line) but I dont think that will hold.

I suspect it will bounce again off the thick grey line which connects two previous lows, but the next fib level 7k is my bet.

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Price bouncing above the support line connecting two recent lows (grey) and an old upward trend line (red).

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Price bouncing above the support line connecting two recent lows (grey) and an old upward trend line (red).

May range in this blue area until following below 7k.

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Previous support is now resistance (grey thick line) as the latest 4h candle opened below it.

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Next possible stops are 7k, 6k, then 4k.

Following 4k I expect a period of silence, and it may slowly trend down to 2k-3k region.

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Breakdown down another fib level. Downward pace moving faster now.
Looking for the next candle to open in the grey area.

I don't think the price will rebound off the old orange trend line.

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Potential retest of 9k. Should it go above, I'd expect a heads and shoulders pattern formation. If that happens then it's down to 3k.

PNUTTY

** This information is for educational purposes only and is not advice for investments or trading **

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PNUTTY

** This information is for educational purposes only and is not advice for investments or trading **