Bitcoin "Dip" Support AnalysisThe "Dip"
Could this be the moment we have been waiting for? The people who have been on the sidelines, awaiting for their moment to pounce on some blood!? Who knows - but we can evaluate the market in such a way that we may be slightly more clued up, than just putting a finger in the air.
From the dizzying BTCUSD highs of this week (excluding the 19K USD price action), we have retraced ~70%, when looking at the FIB points that I have plotted. We blew through the 100 hr Moving Average (MA) and as such, I view three support levels.
Support 1
~$14690 BTCUSD - Which is at the 0.5 FIB retracement i.e. 50% retracement, nicely hitting off the 100 hr MA.
Support 2
~$12880 BTCUSD - Which is just below the 0.236 FIB retracement i.e. a near 80% retracement - which also lines up nicely with the 200 hr MA.
Support 3
~$11810 BTCUSD - Which a 100% retracement from the aforementioned highs. This coupled with the fact it aligns with the support price levels from earlier in December, would be a highly significant support level. If it blows through this, we may be in for a REAL dip!
Where will the price action go?
What will the impact of the CBOE futures markets coming online on Sunday?
Who knows, but may the odds be ever in your favour !
Are you BTFD!?
AGameofCoins
