Moving on to Bitcoin, we can see that the cryptocurrency recently found support at the $7,570 level – exactly where Etherdamus had stated this strong support was located. This support is further bolstered by the short-term .382 Fibonacci Retracement level (drawn in green), priced at $7,419.
We can see that the market has now bounced from the highlighted area of support and recently penetrated above the $8,000 level. The next level of resistance above is expected at $8,265, which provided strong resistance for the market during May 2019. Above $8,265, further higher resistance lies at $8,400, $8,600, $8,888, and $9,000.
Etherdamus is correct in stating that if Bitcoin and Ethereum drop beneath his highlighted support we could head further lower toward $7,000 for BTC and $200 for ETH. However, it seems that today, Bitcoin has managed to break back above $8,000 and looks promising to travel further higher, which would mean that Bitcoin may not head toward $7,000 any time soon.
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