In our article dated 23 February 2019, we mentioned that Bitcoin could correct towards $8700 while pricing at $9891. Usually the corrections will be up to 0,786 fibonacci level, but we thought that it would return from 0.618 considering the halving effect. After declining to this point, there was an increase to the level of $9111 again. However, the price correction was not limited with this and was pulled down to $7700.
When we examine Bitcoin on the same chart, now it creates support at the level of 0,786 fibonacci. However, for it to be permanent, it should move away from the $7698 level and close 2 days above the $8286 level. To say that Bitcoin is in an uptrend again, we should wait for it to exceed the $8700-9000 level.
In short, it is very difficult for Bitcoin to say "it will do this" for now. Small purchases from these levels ($7700-7900) can be made, but it seems like the best option to watch the market and take positions based on movement support and resistance breaks.
*You can join our telegram group to be informed about news and analysis faster. To join our Telegram group click here.