Bitcoin rejected again at long-term downtrend started in December 2017


Yesterday we were looking at a Bitcoin price at a key level and tightly following the yellow downtrend that started back in December 2017.

We also identified a short-term uptrend and as soon as the price went below the line the price dropped, followed by a much larger drop that we expected as a possibility yesterday.

Unfortunately, the purple line support didn't hold and we are now sitting at a new green line support we identified at $9220. 

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This leave us on a bad spot which is worrying, if we are not going but up over the purple line soon we may bounce around for a few more days. Although I'm expecting some big movement before the weekend.

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Where can we go from here?

If we were to breach the $9220 support, we may go as low as $8900 before bouncing back up again. A further drop below this level will be a very bad sign.

The other, more favourable scenario, is where the price goes above the purple line again to test the long-term downtrend.

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What is sure is that Bitcoin is getting more and more squeezed against this long-term downtrend as we can clearly see on the weekly chart.

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I'm expecting some sign on the direction we are headed by tomorrow afternoon.

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