Bitcoin: Retesting Sub 6k Imminent
Hey people, another quick roundup about Bitcoin and where it is heading to.
After some recovery, we are about to see another re-test of 5850 USD levels. This is backed by Fred's Overall Market Fomo Meter, which is constantly pointing to the FUD-side:
Overall Fomo Meter showing current market sentiment
There is still some chance Bitcoin is going to avoid that re-test, but that depends on new volume coming in. As it seems right now, the short-term direction is clear and pointing south, which would lead us to Fred's level 3 lows as these were the lows tested before:
Level 1 lows for Bitcoin
But here comes the good news:
If Bitcoin is able to confirm another re-test, we will see it heading back to 6400 USD levels (and probably beyond):
Level 2 highs for Bitcoin
In the unlikely event Bitcoin can avoid another re-test, then prepare yourself for a massive bull run to 6750 USD levels as the volume that would be required should cause a major momentum to actually reach those levels.
Level 3 highs for Bitcoin
Summary
Bitcoin is rather going south in short-term, back to 5850 USD levels and likely bouncing to 6400 USD levels. In the unlikely event of avoiding a re-test, we could see a bull-run up to 6750 USD levels.
This article has been made with the help of Fred (CoinStudio) and a lot of love.
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This is great info, I'm honestly not even panicking. HODLING for the long run. We are still in the early stages of bitcoin, I look at as we are where the internet was in 1994.
That's exactly what it is, early stages. Though we are currently seeing some cleanup, which means the ones with fundamentals surviving, while the rest gets wiped. Not the worst thing.
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