Hello Steemit Members,
Today, we are seeing a correction for Bitcoin. Lots of people thought Bitcoin was about to go above $12,000 and bought at the high of $11,250+. This is from rushed decision making. It briefly broke the red downtrend line (which gave bullish signals), but we were looking for a close above that on the day. That did not happen. Anyone who followed my last post would have sold some of their trading positions at $11,000 to $11,250. Now, where will Bitcoin go from here? Is it booming down for good? I am here to say this is a much needed correction for the continuation of the bull. Could it be the start of it going back to 8.5k or 6k? It is possible, but I think that scenario is less likely. I believe if Bitcoin breaks below the red 200 SMA on the hourly chart, it is likely to go back to 9.5k. This is a good buying price, $9.5k is a strong support for Bitcoin. If Bitcoin can bounce, we'll be looking at a possible Head and Shoulders pattern. This pattern could take Bitcoin back to $15k, and possibly even $20k if it plays out. Does that mean you should buy soon and go all in? No! No one should ever go all in at one level. Do some studying and follow a trading plan. Never take all your money out at one level or put it all in at another. This will cause people to lose lots of money in the long run. I do believe the bull is going to continue. However, If we were to see Bitcoin drop below $9.5k, the level I am looking at is $8.4k. This is where I suspect the bottom will have to be for the BULL to continue. A break below this level would not be a good sign for Bitcoin and it could cause panic selling. A retest of the 6k would occur, and a possible outcome of 5k and even 3k could be at play. Remember, we are still under the down trend line and there is major resistance at $12.5k. We need to break above both levels to be truly bullish.
All follows, comments, votes, and resteems are appreciated greatly.
Thank you!
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