Major support lies around $8,000, get ready
Bitcoin has been in correction mode from mid December. Today it broke another low, eying my target around $8,000. This most likely will spook many investors and traders, but I'm getting excited. This is a natural correction, presenting a great buying opportunity.
I wrote a few articles about Elliott Wave count, so I won't go into details. What it is important to note is that there are too many support lines near $8,000 mark. First is 61.8% retracement from all-time hight and beginning of wave 1, a level which is eyed by falling wedge triangle.
Additionally, another big support is 100 day moving average, which is getting close to $8,000. Zooming out the chart shows a a clear picture. Bitcoin did not trade below 100 day moving average for as far as the eye can see. Many traders use moving averages so I'm pretty sure they are ready to buy. Get your fiat ready, time to go shopping.
Please ready my previous posts:
Follows and upvotes are appreciated :)
Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.
Thank you so much for this anfomatoin ❤❤❤❤
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with bitcoin going to 8000 dollars, we are about to experience a low rate. make us all prepare to meet it
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I think it will break through 8,000 but we shall see.
Is bitcoin headed to 0?
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Could it break 8k and keep going down?
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Possible but unlikely. 8K is strong support, we need some really bad news to break that level.
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Thanks for your reply! Hopefully we do not go beyond that ;)
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We are now 300$ ahead of the mark :O
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Most people freak out.. I get ready to buy out! Bring on 8K! Good write, thanks!
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Nice post mate. So where do you see this wave ending? 22k?
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Hard to tell from here, but at least above 20K
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