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A closer look in, especially at the 4 hour bars, would suggest the bears are currently firmly in control and looking for a retest of  9148. The Asian market has been pushing down just recently so wait and see.

 

BTCUSD(£)H42201.png

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seems that price is reacting to those lines, whether it 'll bounce or not I'm not sure !Capture bit.PNG

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Yes, they are certainly having a go, though with the US session closing in just over an hour they have not made much of an impression and the last 4 hour bar was well contained. The Austral-Asian traders are about to enter the market so it will be interesting to see which way they intend to push it having just seen the US bulls fail.

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Bitcoin is at a very interesting place right now. It could be getting set for its next leg downwards after trying to hit around the $10000 mark before doing so and going back down to at least the $7000 level.

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A lot of people were looking at the 61.8% retrace             Capture xtb.PNG

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Quite right, the 61.8% Fib reversal shows yet again how often Fib is being used by bitcoin traders.

 

BTCUSD(£)H4.png

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Hi ,  yes I know you were drawing attention to Fib on a larger time frame. Just reiterating Fibs use on this asset on multiple time frames. 

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red zone still my current target               Capture bity.PNG

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At this rate the $5000 level has to be in serious danger and a serious target for the strong downward trend in play at the moment. It looks like physical Bitcoin is being sold and sold quickly. Investors are cashing in as they risk losing their profits or want to minimise any losses.

 

One report in the media suggested that some expert had states Bitcoin could breach $5000 and even go as low as $3000.

 

For those with short positions, I think the key is not to sell too early. Right now there is no confirmation or signal to close your position and take any profits. I agree with  that $6000 is the next target and well if it breaches $5000 then I can def. see the floodgates opening with more selling.

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TARGET REACHED    :smileyhappy:                  Capture  red.PNG

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one for the crypto experts on IGTV     Haha                            chart update                            Capture bounce.PNG

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I use Bollinger Bands a lot in my trading & find the  150 EMA as a good support / resistance                              Capture comments.PNG

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at time of writing looks like bitcoin can still swing either way. in my opinion $9200 is a major support/resistance for a bullish trend to occur and would not go long yet.

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, I meant on Bitcoin!

 

I understand what Bollinger Bands are. That was not what I was asking. As you are posting regular charts of Bitcoin then one would assume that you have an interest in it and possiblly some opinions or views?

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I said my target short was the red zone, and that proved to be correct, in fact it bounced right of the lower trend line I had Previously set out in my charts. I have said I use the 150 EMA as support / resistance - it is currently acting as resistance. My view now is I ;m done with it, it may go either way now,  but 10k looks like major resistance  - try watching this   - 

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Thanks for your response. I have been posting about Bitcoin for a while now. I just wanted to see what your views and opinions you had. 

 

Feel free to go through my historical posts on Cryptocurrencies and Blockchain if it is something that interests you. 

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