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Friday, March 09, 2018

6,000 Is In BITCOIN's Crosshairs

I've a feeling that the hammer low of 6,000 will be retested on BITCOIN, as shown on the weekly chart below. From price action on this timeframe, it appears that measured selling has been occurring ever since it nearly reached 20,000.

Also, 6,000 is the approximate median level of a downtrending channel on the daily timeframe. Price has fallen back into this channel after a failed breakout.

What is does after such a retest should be "interesting."