BITCOIN $9K SUPPORT DID NOT HOLD UP, THE FALL CONTINUES

ddepalma (28)in #bitcoin • 7 years ago

Yesterday I talked about the $9-10K support level as being a crucial spot for bitcoin. As the daily candle came to a close, it failed to close above the support level, and is now looking for next strong support. Let's look at the charts:

What I'm looking at:
1.) Broken diagonal support level.
2.) Re-test of bottom of the parallel channel
3.) Re-test of the first Horizontal support level (pink), which could possibly put is in the low $8000 range for the short term.

Thoughts

The crypto market as a whole doesn't seem to be in a horrible position, alt coins are relatively holding up after huge pumps. These corrections are normal.
-Still using this as an opportunity to buy some more with profits I took on the road to $20k.
-Not looking to margin trade this AT ALL, so bitmex won't be taking my money today.
-perfect opportunity for those that have been patient enough to wait to get in. Like I've said before, patience is key, and usually in these volatile situations, money changes hands from the impatient to the patient.

AS ALWAYS DO YOUR OWN RESEARCH!!

For more information on the Ichimoku cloud, consider clicking these links:
https://steemit.com/altcoins/@ddepalma/using-the-ichimoku-cloud-to-trade-altcoins-edge-to-edge-trades
https://steemit.com/bitcoin/@ddepalma/bvyeor76

For more on how I look for lowcap altcoins consider clicking this link
https://steemit.com/altcoins/@ddepalma/6-ways-to-build-your-shitcoin-portfolio-find-lowcap-gems-and-profit

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****NOT FINANCIAL ADVICE ONLY OPINIONS BASED ON TECHNICAL AND FUNDAMENTAL ANALYSIS!!!!****

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