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Bitcoin: Longs Need Stops Below 5100

Published 10/19/2017, 05:21 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Daily Chart

Bitcoin longs at 5200/5160 worked perfectly as we shot higher above 5450/20 to the next target of 5580/70. On further gains in the bull trend look for 5680/5700 & the all time high of 5836/46. A break above 5850 targets 6090/6140. On further gains look for 6270/90 then 6500.

Failure to hold above minor support at 5580/70 risks a slide to strong support at 5450/20. This could hold the downside (even though it failed yesterday). However a break lower targets 5280/70 before a buying opportunity again at 5200/5160. Longs need stops below 5100.

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