Erik Voorhees, the CEO of ShapeShift, one of the most popular peer-to-peer digital asset exchanges in the market, has said that the bear market is not over for crypto but it is a good time to accumulate given the low price range of most cryptocurrencies.
Most investors still expect the price of Bitcoin to endure one last minor correction before initiating a mid-term rally but the general sentiment around the crypto market remains positive.
Currently looking for an entry around 6300-6250, if we find support.
I insist : "IF" we find support.
Aaaand we're back in the range. No uptrend for now. Daily closed around 6380. Not too bad, as it's in the upper part of the range. Still neutral bullish. Need to close above 6300 tomorrow to keep bullishness intact. Also, tomorrow is Weekly close, keep this in mind.
Found some support around 6300-6350. Former support at 6450 is now our resistance.
Did a Fib retracement : this thing shows us all the levels we need to watch. It's almost mind-boggling how it aligns nearly perfectly.
We can see we didn't retrace 50% of the upward movement yet. I expect some wick to arrive there. If PA finds support at this level (around 6250), it could provide a good entry. But we need to have support confirmation. Keep your stop tight, and buckle seatbelt if this doesn't hold.
Last refuge for the bulls are 6150. If this doesn't hold, I'd rather not think about BTC's next move.
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