Bitcoin moving toward major support $8,000, get ready.
Major support lies around $8,000, get ready
Bitcoin has been in correction mode from mid December. Today it broke another low, eying my target around $8,000. This most likely will spook many investors and traders, but I'm getting excited. This is a natural correction, presenting a great buying opportunity.
I wrote a few articles about Elliott Wave count, so I won't go into details. What it is important to note is that there are too many support lines near $8,000 mark. First is 61.8% retracement from all-time hight and beginning of wave 1, a level which is eyed by falling wedge triangle.
Additionally, another big support is 100 day moving average, which is getting close to $8,000. Zooming out the chart shows a a clear picture. Bitcoin did not trade below 100 day moving average for as far as the eye can see. Many traders use moving averages so I'm pretty sure they are ready to buy. Get your fiat ready, time to go shopping.
Please ready my previous posts:
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Disclaimer: The information contained herein is author's opinion, does not purport to be comprehensive and is strictly for information purposes only. This is not a financial advice. It should not be regarded as investment/trading advice.