Weekly Review
This week was a further continuation of the bearish momentum which we observed last week. At the time of writing we have seen a new low of 36128.00 which hasn’t been seen since July 25th of the year prior. There appeared to be some consolation around the 41000.00 - 43000.00 level however that has since been broken through with the newer lows. Our next price target for lower movement would be 34000.00, I have no indicator as of currently that would point to any bullish sentiment being in play.
On another note, I would like to mention that this seems to be the cycle for bitcoin, substantial highs (referring to the 69000 which was reached this past November) followed by a substantial retracement. Seeing a 50% retracement and beyond wouldn’t not be unheard of, but it would most certainly be a good time for those who would like to get into the market to start keeping an eye on the coin. As stated earlier however, there is nothing as of currently that leads me to believe that there is any upward movement right now.
