Bitcoin bulls are honestly trying so hard to continue an up trend motion. It's not totally impossible, but I still don't think it's as likely as another leg down for a re-test of $3,000.
Based off of the chart pattern that we see, this type of setup just favors the bears all too often. The last leg up for the bulls we saw minimal volume which was basically them sending in the reserves for the final time before the bears regroup and smash forward.
Right now, bulls do seem to be defending the $3,725 level. We will look to this zone for confirmation. Should it break and we see closes below this (and also $3,700), we would also be breaking trend line support and confirming a bear pullback after bulls being incapable of pushing prices up.
To the upside, we're looking for some movement above $3,775 with closes above. I'm definitely still not as optimistic about this scenario.
I hope everyone has a fantastic New Years Eve and New Year's ahead!!!
Thanks for the update
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thank you much!
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A retest of the $3,000 zone would render an excellent position for blast off into Q2 2019. Somehow, sentiment and continued building of infrastructure seem too strong for Bitcoin to linger in price for much longer (or lower).
Buy when cheap.
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