Bitcoin got hit by a wave of selling today. A combination of panic selling and stops being hit took the market right to the long term 1×1 Gann angle. If you will recall, on 3/3/2017, in this article, we suggested that it might be a good idea to take some money off the table if you were long bitcoin.
The title of that article was that both Bitcoin and Ethereum were at resistance. We pointed out that every time Bitcoin had hit that long-term particular resistance in the past, a selloff had occurred. Well, it took a bit longer than expected (long enough to lull into a false sense of security), but history repeated, as we cautioned.
The (relatively) good news is that Bitcoin (at this writing) touched the 1×1 of a shorter-term bull setup on the 4 hour chart. This implies that the selloff is likely over.
In the same article dated 3/3/2017 we pointed out that
Read more ... source: CryptoCoinsNews
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