Bitcoin was around $7700 just a week ago. It has come down to $6200 and is now hanging around $6500. Because the downtrend has failed to continue at its pace last week, we can anticipate some bullish recovery.
- On the 1H chart above, we project an ABC correction, which would target the $6900 area.
- Note that this is just above a previous mini consolidation as well as the 200-hour simple moving average, both of which are centered around $6800.
- It is also just under a previous support pivot, which is around $7065.
- i think this area around $7000 will provide some resistance if the overall market is still bearish.
- But this is bitcoin, so don't be surprised if a bullish correction extends to $7200 before the bearish trend continues.
- I think if price shows inability to hold above $7000, the pressure will be back on the $6000 level with the prospect of falling lower.
- In my opinion, this is a good time to have dry powder to start averaging in, although we have to be prepared for a period of stagnation before the next bull cycle.