From a technical perspective 8500 is an interesting price point for a return to the bearish trend. It is a 68% fib. retracement of the
previous uptrend. We also see a clear ABC wave on the daily timeframe.
This reversal will likely not happen for a few days. Previous retracements for BTC have seen prices move in a range before forming a double peak and reversing.
It is also possible for BTC to go slightly higher in this time period. Because of this we believe our alt trades are still safe for the time being. We expect BTC to have a small pullback (7800-8050) before returning to 8500.
previous uptrend. We also see a clear ABC wave on the daily timeframe.
This reversal will likely not happen for a few days. Previous retracements for BTC have seen prices move in a range before forming a double peak and reversing.
It is also possible for BTC to go slightly higher in this time period. Because of this we believe our alt trades are still safe for the time being. We expect BTC to have a small pullback (7800-8050) before returning to 8500.
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