Bitcoin
A Day of Days! Up until this point I would have said we still had some bullish construction or at least opportunity in the market. However, as I write, I note how the market has broken down not only through the 50% Absolute Fib at 9,837 but now we've also made new lows this year, breaking down through the early January lows at 9,218 and most importantly breaching for the first time the major supportive move up of the past five months - the September 2017-to-date Uptrend (currently 9,182). We've not just touched it and reversed (at this time). We've punched down below 9,000 and as I've mentioned in many media many, many times...we're moving towards Neutral...well this time; we may be just about reaching it. We have two pre-Neutral supports, the previously mentioned Uptrend and also the Medium MA (currently 8341). Consecutive closes below these and we will be in Neutral...the first time since before September 2017.
With this in mind and in somewhat anticipation, I've decided to move the bullet point above into Neutral. If (and once) we are there...it is still not confirmed but increasingly looking like...the main support will become the Long MA (currently 5070). That may become the next target if we have consecutive closes here or lower as the overhang of the market above us is very, very huge. Only consecutive closes over the September 2017 - December 2017 50% Fib at 11,313 would change the Neutral or dare I say it Bearish moniker bullet point above back to any semblance of Bullish (unlikely at this time...).
Support is currently at 8354, 7876, 7770, 7514, 6775, 6125 (dynamic), 5555, 5366 and 5070 (dynamic).
Resistance is currently at 9000, 9218, 9338, 9837, 10113, 10513, 11313, 11741 and 11989.
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