Bitcoin: Gains Are Likely To Be Limited

Published 03/15/2018, 04:28 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Weekly Chart

Bitcoin outlook negative as we reach the 8150 target. There is very minor 2 week trend line support at 7940/00 so this is the only chance bulls have to trigger a short term recovery but a jump higher is unlikely. First resistance at 8400/8430. Gains are likely to be limited but above here targets 8680/8700. Exit longs (if holding) and try shorts at 8810/50, with stops above 9000.

Failure to hold above 7900 is a sell signal targeting 7800/7750 and 7550/7530, perhaps as far as 7180/70. I see no reason why we cannot eventually reach 7000, 6600, 6400 and perhaps even retest the February low at 5920.

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