Bitcoin Chart-Support Point

The three last days produced red candles showing a pullback to Bitcoin. It is still is in a bearish trend. As I posted yesterday's post, the chart said what it did and I followed it at the exact time of the posting. Sadly, the movement ended up being red again closing under the EMA 8 again.

As experienced traders know, this is not a huge sell off but a sign of emotional traders who sold off on fear. When there is blood on the streets there is opportunity. When we see the support is being tested as it has the last two days, we see opportunity. We know that the support has been tested but not violated which gives us a strategy to buy in. The pattern shows that when we get close to 2297 the buyers come back at this point.

The EMA 8 tells us that the closing has been well off the indicator line and this will show us that a reversal will happen or at least a movement back closer to the EMA 8. This is an excellent time to jump in or build up what you have. The next area of support is at 2106 if the 2297 gets violated. The Stochastic tells me that the trend will continue on this pattern at worse but it also tells me that since we are at the bottom there will be a bullish move soon.

I am not an advisor but just telling what I see. This is shows us that is is opportunity. Time to just hold on if you are not purchasing more to your portfolio and be patient. We know what is in the future of Bitcoin, so stick to your guns and do not fear.

All the BEST!