Merry Christmas all! Due to price dropping, I wanted to post a quick update. Yesterday I said we needed to see the daily candle close above the $4,120 resistance and the golden pocket (area between the 0.618 and 0.65 fib levels). Unfortunately, this didn’t happen. The bears we’re able to push it as low as the $3,800-$3,600 support.

Looking at the daily chart, we can see price is back below the 21 Day EMA. If the daily candle closes below this level, it might signal lower prices to follow.

In today’s video analysis I discuss where prices may be heading next, key areas to watch and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

  1. Matthias

    Thanks for the update. I was actually expecting for this more substantial drop to start from a slightly lower level but that’s what happens when prices extend beyond usual targets. It happens often when the price bounces from a local bottom so am expecting Bitcoin to rise again strongly once this correction is complete.

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    1. Workin2005 Post author

      I’m very bullish long term. It’s finding a bottom that’s challenging. At the moment, this market is unlike any other. I can map out a path to $1,100 or $7,000 in the next 2 months. Reminds me of the dot com boom/bust/boom. Everyone new it would recover, the question was when.

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