$400 is a key support level and was a key resistance level. It has both historical significance and physiological significance.
I am watching $407 as a short term resistance level and $400 as the support that will likely indicate the start or end of a possible retracement. Historically should we break this $400 level and start a short term retracement we could be looking at retracement between 30-50%. Many people right now are focused on the market only going up. Would not be surprising to take a few week detour to shake people out. My long term perspective remains bullish.
If you look at my previous post on BTC.D you can see that it's possible Bitcoin is now taking back some dominance. I'd like to see confirmation on the weekly chart.
I am watching $407 as a short term resistance level and $400 as the support that will likely indicate the start or end of a possible retracement. Historically should we break this $400 level and start a short term retracement we could be looking at retracement between 30-50%. Many people right now are focused on the market only going up. Would not be surprising to take a few week detour to shake people out. My long term perspective remains bullish.
If you look at my previous post on BTC.D you can see that it's possible Bitcoin is now taking back some dominance. I'd like to see confirmation on the weekly chart.
Idee correlate
Bounce in
JamesRennie
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about BTC.D