Bitcoin breaks support at 8625/8600
|Bitcoin
Bitcoin breaks support at 8625/8600 as expected keeping bears in control targeting 8500 & 8350 before the low at 8210/00. A break lower is expected eventually targeting 7800 & the the most important of the week at 7550/7500. We should bounce off here on the first test to ease oversold conditions. I do not think this level will hold for ever though.
First resistance at 8600/8650 now likely to hold any bounce in the bear trend. A break higher however allows a recovery towards resistance at 8850/8900. The outlook remains negative - try shorts with stops above 9000. However we then meet quite strong resistance at 9120/50. There are many strong barriers for bulls to over come with resistance again at 9250 & 4 month trend line at 9450/9500.
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