Trade Update: Bitcoin BTC/USD Crashing Down to Our Target Zone – 1,076 Points Run! – Take some profits

 In Market News, Technical View, Trading Signals

On October 10th, we alerted our followers here from the high downside risk in Bitcoin BTC/USD due to the very negative chart pattern we identified and spoke about in our Oct 10 article. Today, Bitcoin is coming down fast and is trading near our first take profit level at 7,300 (trend line support). Since, we move fast and come close to the level it would be wise to lock some profits on this move which generated 1,076 points run.

Bitcoin, BTC/USD is trading at $8,576 level and got significant resistance not far above (see chart below) not far above, up to $9,400 level. In contrast current holders of BTC/USD holding the risk of potential significant downside down to the $6,100 level. At this point, it is better to stay out or SHORT it when it move up to resistance.

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