Bitcoin has seen a steep drop today so we want to share key levels for subs to watch.
See chart for current set up and several keys to watch ? Keeping things simple, from a technical standpoint, this is a BUYING opportunity for BTC as you can set relatively tight stop losses and take small risks with good risk return.
One element of a good trade is ?market character? and BTC as well as the altcoin market have spent the last few weeks slumping without many bullish signs.
We don?t see the current price action as a reason to panic and sell before stop losses are hit, but it?s a red flag that this may not be the right time to add to or enter new positions.
If we see a strong reversal in price here, the upside target of $9500 has been like a magnet for a long time and this means there will be plenty of opporunity to add to or enter new positions once we know we have a bullish set up.
For now, the only thing we know is we have support levels that are being tested ? better to be cautious than bullish for the highest probability of SAFE trading.
ALTCOINS ? very dangerous compared to BTC ? not a high probability of upside without BTC reversal so there?s little evidence of a SAFE trade to enter or add to positions in this set up.