As it was predicted in my previous BTC analysis the price hit the structure low at $9450 area. Some sellers step in there and we saw the price bounce back little. The question is, does BTC continue dropping or it will respect the support level at $9450 and go up?
The current conditions show that the price may bounce back. The new buyers already stepped in, which increased the BTC value in the few hours. However, there is a second scenario which can be developed. Few hours ago, the price dropped dramatically from $10700 to $9500 in just 4 hour. You can see that strong bearish bar on 4H chart. It means there was massive selling in that time and if they continue selling or increase their positions it will break the support and the price continue dropping. I will await few hours to observe the BTC price action and then make a decision accordingly.
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The current conditions show that the price may bounce back. The new buyers already stepped in, which increased the BTC value in the few hours. However, there is a second scenario which can be developed. Few hours ago, the price dropped dramatically from $10700 to $9500 in just 4 hour. You can see that strong bearish bar on 4H chart. It means there was massive selling in that time and if they continue selling or increase their positions it will break the support and the price continue dropping. I will await few hours to observe the BTC price action and then make a decision accordingly.
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