Bitcoin has taken another drop as predicted. But whilst sentiment is very fearful, the bears aren't out of the woods yet. It might be a bit premature to be calling lower prices.
Bitcoin is still sat in the Golden Pocket and now sits neatly on the 65% retrace from 2019 highs. These levels have been respected over the last three weeks suggesting significant reaccumulation.
As long as this 65% level is held, there is still a strong case for reaccumulation. But a break of it could see a significant move lower, likely to local low of $6400.
Bitcoin is still sat in the Golden Pocket and now sits neatly on the 65% retrace from 2019 highs. These levels have been respected over the last three weeks suggesting significant reaccumulation.
As long as this 65% level is held, there is still a strong case for reaccumulation. But a break of it could see a significant move lower, likely to local low of $6400.
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