A few days back I posted about bitcoin and how the next 48 hours would likely dictate the price direction for the last few weeks of the year.
Survey Says!
Looking at the daily chart below you can see we got resolution to the down side and are now flirting with that support level around 3,600.
Thus, we did not get a higher low and are either re-testing the support or breaking down through it. Obviously I am hoping we test and hold.
Even so, I don't expect more than some sideways action the remainder of the year unless we get some kind of news that as a catalyst higher.
And this is assuming we do hold this level....if not, well 2,900 is the next downside target area.
A Lump of Coal?
Sadly we are at risk of bitcoin being at new lows for the year right around Christmas. Let's hope that is not the scenario that plays out.
We need price to at least make a bounce to the 4,400 to establish a range it can bounce around in until the bulls come back to town!
Published by ScaredyCatGuide
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