Bitcoin´s downside move below Pivot

Bitcoin´s downside move below Pivot

Key Resistance 51500 – 5300
Key Support: 44900 – 44000

Long Term View
Bitcoin is a buy asset and has been for a while. Swing trades against it have been horribly wrong in the past for a few big money managers. But we are traders so this doesn´t mean we can´t profit from downside moves in this asset on the short term.

1H Chart Analysis
Bitcoin has fallen from  the all time highs 22% and has pulled back to retest the previous broken level of support for an exact 50% retracement.
This is a very structured pullback and we are waiting for the retest of the immediate broken lows to jump in. We believe Bitcoin´s down potential is still there and the probability of a bearish continuation is high because big buyers have yet to step in lower.

Targets should be the retest of the previous lows for this day trade.

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Author : Orlando Gutierrez

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