Bitcoin has been tumbling. Bitcoin is very weak lately and has broken down harder than I believe a lot of people realized. So be nimble with your trades.
Moving on, let's analyze a new possible buy opportunity on Bitcoin on the 1 hour chart!
Bitcoin has began a short term recovery move today, moving up a clean 640 points (at the time of writing) and is now approaching a key horizontal at 7210. If price breaks above this level, it will begin a new up move which could see price go as high as 7840 in the short term, which would negate almost the entire crash down move we've experienced in recent days.
Bare in mind that a retest on the side-wards resistance turned support at 6810 is a high possibility before hitting the above.
Bare in mind that this is SHORT TERM. This idea is NOT valid unless we break the 7210 level and test the old resistance as support.
I will update this analysis when I receive above 40 likes.
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So getting to 7840 would put us back on track.
A good trader knows how to trade using the complicated tools with difficulty.
A great trader knows how to use the simplest tools with ease and intuition.