Just like we expected throughout our Friday’s price update, Bitcoin’s bullish wave was reversed as the market’s bears took the upper hand starting a downwards price correction wave that pulled price all the way down to a low of around $1810 on Bitfinex last Saturday. After recording the week’s low, bitcoin price started heading North to record a high of $2193 during Sunday’s trading sessions.
So, where will price be heading during the upcoming week? Will the downwards price correction wave continue on pulling price down to lower levels?
Strong Support Evident On the 4 Hour BTCUSD Chart:
Let’s examine the 4 hour BTCUSD chart from Bitfinex, while keeping the Fibonacci retracements and Gann Angle placements we plotted during our latest BTC analysis and executing the Bollinger Bands and Williams Alligator indicators (look at the below chart), we can conclude the following:
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