[BTC] Bitcoin - BULLISH - Possible Pullback to TEST areas
Bitcoin . BULLISH. It's been trending up and now that it has reached the 50% Fib Retracement Level, we may see it lose some steam and pull back and test the Pivot Low Area at the bottom trend line (44,600 - 43,400). So far it has been holding at that bottom trend line. If it holds, it should turn back up from there. That is a value area to look for a possible entry if it holds.
However, if it breaks below it, we will likely see it come down to test the Support Zone (41,000 - 42,600). I don't see it going any lower than that. If it does, then that will be a change in market conditions and I will have to reassess after seeing how low it goes beyond that. If it holds at the Support Zone, which I believe it will, then should go back up from there. That is also a good value area to look for an entry if it holds.
However, if it breaks below it, we will likely see it come down to test the Support Zone (41,000 - 42,600). I don't see it going any lower than that. If it does, then that will be a change in market conditions and I will have to reassess after seeing how low it goes beyond that. If it holds at the Support Zone, which I believe it will, then should go back up from there. That is also a good value area to look for an entry if it holds.
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EDIT: I meant (43,600 - 44,300) for the Pivot Low Area at the Bottom Trend Line.