Bitcoin sees temporary bounce, downside aplenty
|- BTC bounces off from key support on long term chart.
- Still has a lot of room on the downside.
Bitcoin, the largest cryptocurrency by market capitalisation manages to bounce off a critical long term support that may give a sigh of relief to the bulls, at the same time giving some more ammunition to the bears to attack the prices again.
BTC/USD is up about 3 percent on day at $3,476, after hitting a low of $3,372 for the day and bounced from $3,211 - just above $3,175, its 200 weeks SMA and a key long term support for now. Once broken, it would mean a lot more downside from here.
Even on the 120-minute chart, it broke down of a triangle earlier this week, which has a price target of about $2,700. Only support of solace from the CMP is 200 weeks SMA, held for now, but not forever.
BTC/USD weekly chart:
BTC/USD 120-minute chart:
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