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Bitcoin Technical Analysis
Bitcoin initially pulled back a little bit deeper during the trading session on Monday, but we have turned around to show some signs of life. I think at this point in time, Bitcoin isn’t going anywhere one way or the other. I think we’re going to stay in this range and those who are quick enough might be able to take advantage as they occur on these little dips. That being said, I don’t necessarily think that Bitcoin is going to take to the upside very strongly either. I think we’re trying to form some type of range with the $75,000 level being an area that’s significant support, and the $90,000 level above being an area that’s significant resistance.
We are currently right around the $82,000 level. So, we aren’t quite in the middle of it, but we’re pretty close. So, I think at this point in time, you’re basically at fair value. For myself, I’ve been dollar cost averaging into this pullback, but this is just a tiny amount weekly. It’s not something I plan on trading. It’s an investment, so it’s not such a big deal. But for those trading this market, you have to be aware of this potential range that we are forming.
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