It’s been a long day for Bitcoin(BTC). Many were caught in the squeeze of today’s selloff that pushed panic through the media as well. The low 7k level showed a strong bounce, which the 9,200 mark denied any further climb.
Trending sideways, BTC has amounted to very little in the last several hours. My target floor has still held solid at 8,400. This would allow BTC to seek 9,200 again. If broken, the next level up would be 400-800 points.
Currently, 8,625 is the price to best. Once a drawback occurs, this may be a solid entry.
BTC is a BUY if 8,400 stands strong as support. Otherwise, an overnight WATCH for solid support as well could be a good idea considering the sideways price movement.
One thing to note: the long term trend is still down. I do, however, believe the next week will bring decent price action.
LIVE LONG AND PROSPER TRADERS