Bitcoin Price Bounces of New Support

in LeoFinance21 days ago

A couple days ago I did a post identifying potential support levels for the move lower.

On of those potential levels was the 48,100 area, which price has bounced off of at the moment. We still need follow through though.

Reversal at Potential Support

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The 48,100 level was based off a consolidation level we saw back in May. It was after price had tested and bounced off the 44,500 level.

This level only represented a consolidation, price bouncing off it had now confirmed it as a support level.

The green candle we are seeing on today's daily candle follow's yesterday's reversal candle that is highlighted.

It seems that this reversal is working out to the upside after the reversal two days earlier did not.

That is the beauty of candlestick charting. It is all probabilities in the end. This is why you need to make sure risk-reward is favorable, at least when it comes to trading.

For long-term investing. Well, buy on dips is the easiest path in my opinion.

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has bitcoin made its dead cat bounce yet?

My gut tells me we have bottomed. May is coming and it's usually a green day.

Going for new highs, that's what I believe.

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I see a broken uptrend, now we get a chance for a ABC consolidation.

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Yes, I can totally see that. Where do you think this bounce does us in that consolidation, 56K?

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I have read a ton of stuff from people on here including you and I don't think I will ever quite get this trading stuff. I think I am built more for the long term hold and I just need to stick to that! Thanks for sharing this info. I am sure it will come in valuable to some people.

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Nothing wrong with long-term buy and hold with dollar cost averaging.

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Yeah, I need to start doing that more. I have been focusing mainly on alt coins lately. I haven't really added to my BTC holdings in the past couple of months.

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