Looks like the FUD we had been monitoring is taking its toll. From the beginning I have thought this was a coordinated attack to bring the price of Bitcoin down so that institutions can pick it up a better levels. Last week we noticed the MACD Diverergence and warned if the $3990 level failed to hold we would get a test of the $3300 level. That is exactly where we are today. But the questions is...what if the $3300 level fails? Where is there support? Where have buyers demonstrated in the past they are willing to buy?
14 September 2017 Daily Chart
I personally would still be looking to sell this market at any approach to the $3990 level. The question is where would I look to buy if the $3300 level fails?
The first level I would look at picking up more Bitcoin would be the $2500 level. Buyers in the past have shown that they are willing to hold this level.
However, the level I am very interested in, the level that many funds are eyeing is the $1700 level. Any approach into this area and there is a high probability that there will be a lot of buying.
If you have any questions please comment below.
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