As mentioned before, BTCUSD has broken through key support level of $9,000 and previous consolidation zone that triggered a downtrend (supply > demand).
While it may appear Bitcoin is running out of steam, it seems to me like accumulation and is poised for a breakout. The way I see it - there are two possible options from here:
Either way, the trend is bullish with the upside target still in play unless this correction breaks through the consolidation zone near $8,200, in which we will need to re-assess the short-medium term direction.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
While it may appear Bitcoin is running out of steam, it seems to me like accumulation and is poised for a breakout. The way I see it - there are two possible options from here:
- Small retracement down to the $8,200 level that coincides with a 50% Fibonacci retracement that i explained in my last post
- Breakout to the upside towards the $10,900 target
Either way, the trend is bullish with the upside target still in play unless this correction breaks through the consolidation zone near $8,200, in which we will need to re-assess the short-medium term direction.
Enjoy.
Disclaimer: This is only my opinion, make of it what you wish. It is not financial advice.
