Trading Crypto: Bitcoin Beats Depression and Moves Above Resistance

Pop goes the weasel.

 

Trending upward, Bitcoin (BTC) has recovered from a severe punch to the gut, which many HODLR’s were bemoaning overnight and into the morning trading session. Now – the parties back on!
So here’s the mid day run down.
BTC broke resistance upward through the 8k level, smashing through 9k and almost reaching 9,600 before slowing down and giving back several hundred points.
Trading at the 8,600 mark, BTC should look to test the 8,400 level once again. This would be in line with an Elliott wave calculation to allow it to best 9,200, the ultimate mark to beat today. Look for support at 8,400 and possible entry.
BTC is a BUY short term for 500+pt upside IF 8,400 level holds.
Good luck!