More Bitcoin Downside To Come?
Analysis
In the past few weeks, Bitcoin has been the beneficiary of election euphoria. This surged the prices past it's previous all-time high of $73,700 to a new all-time high of roughly $99,600. This brought the price within spitting distance of the coveted $100,000 price tag. This price level proved to be difficult to crack due to the psychological significance of $100,000 Bitcoin. Along the way it minted a couple new support and resistance levels which has created a possible trading range. The levels are $86,300, $93,250 and $99,588.
With the recent rejection of the $99,600 level, the breaking of the $93,250 level and the still overheated levels according to the weekly CCI, Bitcoin may be poised to retest the $86,300 level.
Conclusion.
I think that Bitcoin will not hold the $93,250 level and will retest the $86,300 level. I believe this because the $93,250 level has already been broken which would make it a supply level with an already harsh rejection. I don't believe that the recent euphoria is enough to counteract profit taking and shorting potential in the short term. I will be selling the portion of my position with a re-entry point of $86,300.
In the past few weeks, Bitcoin has been the beneficiary of election euphoria. This surged the prices past it's previous all-time high of $73,700 to a new all-time high of roughly $99,600. This brought the price within spitting distance of the coveted $100,000 price tag. This price level proved to be difficult to crack due to the psychological significance of $100,000 Bitcoin. Along the way it minted a couple new support and resistance levels which has created a possible trading range. The levels are $86,300, $93,250 and $99,588.
With the recent rejection of the $99,600 level, the breaking of the $93,250 level and the still overheated levels according to the weekly CCI, Bitcoin may be poised to retest the $86,300 level.
Conclusion.
I think that Bitcoin will not hold the $93,250 level and will retest the $86,300 level. I believe this because the $93,250 level has already been broken which would make it a supply level with an already harsh rejection. I don't believe that the recent euphoria is enough to counteract profit taking and shorting potential in the short term. I will be selling the portion of my position with a re-entry point of $86,300.
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