Bitcoin: Can BTC Stay Above $7,000 For Long? (November 2019)
- 4 years ago
Bitcoin: Can BTC Stay Above $7,000 For Long? (November 2019)
Bitcoin has finally declined down to the 1.272 fib extension level from the top of the descending channel. While many traders are still expecting it to go down further, we are seeing some bullish strength develop that could potentially push the price towards the 61.8% fib retracement level around $8,700 in the weeks ahead. It is very important to note that BTC/USD has now declined to the bottom of the descending channel. Although it broke below the channel at one point when the price closed below the 100 Week EMA, it has now climbed back up.
Bitcoin has finally declined down to the 1.272 fib extension level from the top of the descending channel. While many traders are still expecting it to go down further, we are seeing some bullish strength develop that could potentially push the price towards the 61.8% fib retracement level around $8,700 in the weeks ahead. It is very important to note that BTC/USD has now declined to the bottom of the descending channel. Although it broke below the channel at one point when the price closed below the 100 Week EMA, it has now climbed back up.