This week’s discussion will revolve around Bitcoin. Since mid-March, Bitcoin has been in a long correction with a drop of -27%, a price range between $53,000 and $73,000.
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On June 26th, we pointed out a potential support zone for Bitcoin. After our article, Bitcoin dropped another 12% and closed below our support area on a daily and weekly basis. In the following days, Bitcoin recovered and held the support zone.
Since then, it has risen considerably. The long correction since March was just around the old all-time high of $69,000 from 2021. This could be very bullish, as the correction below the old all-time high can be viewed as a compressing spring. It is very possible we will see Bitcoin around $80,000 in the next couple of weeks. The slight pullback in the last few days presents a nice discount for those who want to buy some. For subscribers, it is very important to follow our risk management measures that we provide with all our services to protect against losses in case support zones break. Follow us for updates and guidance on navigating Bitcoin.
The world of finance is complex and includes many technical terms. For explanations of these terms, I recommend using the Investopedia dictionary.
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