7K Retest for bitcoin has been obvious for many weeks.
Many people are panicking about this drop in price for BITCOIN and the ALT Markets, however the reality is that we should have been prepared for this.
BTC tried several times to test the 10k level and failed each time, for quite a few months. This was on the back of a parabolic run from $4000 that saw a perfect 5 waves play out. The 5 waves had obviously come to a close and there were 2 options, a new wave set or a retrace - With the markets over bought and the markets pulling a long way away form the green cloud on longer time frames, $10 to 10,400 was the perfect timer to sell and wait. If a retrace came it would be a perfect time to take profits and rebut later, it it continued, there would be safer points to renter. SELLING was the best option.
So what's next. Using some TA I wouldn't be surprised to see the 7k tested again with a possible dip to 6800.
right now BTC is holding the 200 EMA as support on the 3 day... But only just.
If it falls through, we will see that run down quite quick before stabilising.
Even if it stabilises between 6 and 7 k, this is still 100% up from the bottom a year ago.
Panic times Is the time to buy.
BTC tried several times to test the 10k level and failed each time, for quite a few months. This was on the back of a parabolic run from $4000 that saw a perfect 5 waves play out. The 5 waves had obviously come to a close and there were 2 options, a new wave set or a retrace - With the markets over bought and the markets pulling a long way away form the green cloud on longer time frames, $10 to 10,400 was the perfect timer to sell and wait. If a retrace came it would be a perfect time to take profits and rebut later, it it continued, there would be safer points to renter. SELLING was the best option.
So what's next. Using some TA I wouldn't be surprised to see the 7k tested again with a possible dip to 6800.
right now BTC is holding the 200 EMA as support on the 3 day... But only just.
If it falls through, we will see that run down quite quick before stabilising.
Even if it stabilises between 6 and 7 k, this is still 100% up from the bottom a year ago.
Panic times Is the time to buy.
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