We got a sick reversal in bitcoin yesterday as price spiked through the 4,200 level support only to bounce up to 5,600.
Only thing is that move doesn't really give us answers. Did buyers step in at 4,200 and say that's enough. Did sellers just run out of steam?
Next Few Days Are Important
With the U.S. stock market rallying a ton today crypto also got a bounce. Here's the thing though - stock markets are closed for the weekend so that "good vibe" that crept into the markets late day with the U.S. government announcing their aid can't get squashed right away.
The question is - is that why crypto bounced to? If so I'm happy to ride a couple days of "good vibes" in the crypto market.
Regardless of that actually being an affect. I thing price needs to stay above 4,800 on a closing basis the next several days to confidently say 4,200 is atleast a bottom in the short-term. Any large sell off takes us back to the 2019 lows.
So it's pretty important we hold 4 and change!
Posted via Steemleo