Cheaper bitcoins on the way

Heres an update to my last chart.

Not much to get excited about if you are bullish at the moment. Bitcoins failed to test the top red line instead confined by the lower red dashed trend line I’ve added. Then didn’t manage to catch any support from the lowest green line I’ve shown. Now the blue line is also breached its hard to see much support left until around $800.

With negative news expected from China towards end of this month, maybe this is starting being priced in now. I’m expecting prices to decline further from here, however caution is needed as always in bitcoins, such a small market can always surprise. My strategy is to hold some fiat ready to buy in lower if the opportunity arises.

On a tangent, I been happy to discover Trading View now has data available for other cryptos such as litecoin and peercoin. Time permiting I may start looking at those markets too.

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2 thoughts on “Cheaper bitcoins on the way

    1. I’m not really looking at short term trades, usually like to look at longer timescales myself. At the moment I’m thinking a decline to about $800 looks quite likely over the coming couple of weeks.

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