On my previous chart I mentioned that we could expect BTC's next line of support around the 9300-9400 level (or 0.618 Fib) which touched down perfectly.
We could expect price to go as low as the 8800 region making contact with the 100 EMA if it continues to move towards the downside. But looking at the Daily Chart & reading the news that the bank of China is BULLISH for Bitcoin, there are many factors that could lead BTC to reach new yearly all time highs.
This is only a bullish scenario however. In spite of the market being very volatile and "Manipulated", there is a possibility that Bitcoin may go far lower in the 8400 and beyond.
I am only giving a speculative view from both sides. They each have their pros and cons, as if it continues to go lower, you are able to buy bitcoin at a cheaper price.
Good luck to all!
We could expect price to go as low as the 8800 region making contact with the 100 EMA if it continues to move towards the downside. But looking at the Daily Chart & reading the news that the bank of China is BULLISH for Bitcoin, there are many factors that could lead BTC to reach new yearly all time highs.
This is only a bullish scenario however. In spite of the market being very volatile and "Manipulated", there is a possibility that Bitcoin may go far lower in the 8400 and beyond.
I am only giving a speculative view from both sides. They each have their pros and cons, as if it continues to go lower, you are able to buy bitcoin at a cheaper price.
Good luck to all!