We are trading at a significant previous demand level on Bitcoin with an equidistant swing completing into 212.80 level. It will be interesting to see if this bottom holds on retests.
However, another correction could see further decline to where the January lows may give some support – buyers came in strongly at this previous resistance (now turned into support) level.
For now, the 212.80 is attracting demand, if this should break and we get acceptance in price under this level, it will be interesting to see if the bears use this level to position short for a further leg down.
There is also talk that some of the U.S’s biggest prop traders are “testing the waters for a bigger move in Bitcoin” according to the Wall Street Journal recently.
Which ever way you think Bitcoin is going to go, you can play it risk free with SparkProfit.
Please note our disclaimer on all of this.