Bitcoin: Risk To Bulls Keeps Growing

Published 12/01/2017, 06:36 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Weekly Chart

Bitcoin risks to bulls have increased dramatically after this week's negative price action. Holding below first resistance at 10000/10050 (we topped exactly here as I write on the second bounce) targets 9650/610 then minor support at 9400/9350. A break below more minor support at 9220/9170 is negative. A break below 9100 is more of a sell signal and below 9000 adds more pressure for 8660/30 and 8500/8450. It is certainly possible that we revisit 8200/8150.

It is worth remembering that the high just 6 days ago on Saturday 25th was 8737. In less than a week we had jumped from 7876 to 11395 - a $3519 gain or 45%. This is just insane.

Above 10100 allows a recovery to 10500/600 (we topped exactly here yesterday) before the 11395 high. We moved up so fast
that there are simply no other levels that are reliable enough to post here.

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