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Bitcoin (BTC/USD) at the Crossroads; Monitor $10,500 and $9,300

We anticipated a sharp retreat if Bitcoin tripped under $11,000. This is exactly what happened during the 3/7 global session.

BTC/USD 4H Chart

  • The 4H chart shows that after breaking $11,000, price dipped to $9,400, basically around the previous support during the 2/25 session.
  • Note that high volume on this dip. 
  • I would monitor the current rebound attempt. 
  • I would anticipate the possibility of resistance here. And if price does retreat, I would not rely on the $9300-$9400 support. 
  • A break below that opens up the $8000, and who knows, maybe even the $6000 level which BTCUSD tagged at the start of February. 
  • At this point, a break above $11,800 would be a very strong sign that Bitcoin has bottomed. But before that, we are probably going to deal with more consolidation  around $10,000.

Litecoin/Bitcoin (LTC/BTC) Rebounds from Key Support

Ripple (XRP) Has More Downside in the Short-term