Here I find myself just over a week since my last post on bitcoin price and we are basically in the same place, which is looking like we may breakdown.
Price is just above 26K so in theory below support, but still above the reversal low we saw on May 12th.
The difference this time is we had a candle close down in the 26,300 area. Definitely not ideal. The new daily candle is already lower as we test 26k.
Basically it doesn't look very bullish. Anything can happen though.
And some kind of move after this consolidation is due, it seems like the bears are making their pitch on it being to the downside.
Will they succeed?
Looking at the daily chart above you can see what I am talking about. If we don't seem some green soon, well that 25K level seems firmly in site.
I prefer we don't get there, but unfortunately I have no control over bitcoin price so just have to wait and see like everyone else.
Cash is king again? 🤔
Always. Until it is not. 😆
The price can pull down to 25k. The question is: Will 25k support work? I hope it will. Bitcoin started from 16,5k and rose to 30,5 k. So it rose 14k USD. We can expect a pullback of %50/%61 due to Fibonacci numbers. If the pullback would be %50, the price can consolidate at 23,5K. It is an appropriate level to hunt the leveraged short positions.
Agreed and I'd be happy to buy there!