Altcoins Market + Bitcoin Starts To Retrace (Going for $4280?)

Bitcoin started the much-expected retrace that everybody was waiting for.

The altcoin market is also retracing which is natural, healthy and good.
We had some major bullish action in the past few weeks. After a strong wave up, comes a strong wave down.
I believe this correction, for the altcoins market, can go for another 1-2 weeks, we will see how that goes.

Now back to Bitcoin:

• I mentioned EMA300 (gray) in my last article, an impulse up and also a retrace. Now that Bitcoin broke below EMA300, even though the daily candle is yet to close, we can expect the retrace scenario to start to play out.
  
  
• As main support levels I am looking for EMA200/MA200 as well as EMA100 (blue line) after that.
  

So the immediate support for Bitcoin (BTCUSD) in my view is EMA10 sitting at $5020 on BitFinex.

Bitcoin can move much lower and test multiple support levels before any bullish action is resumed.

Whether Bitcoin bounces right away, after a few weeks or goes deep down will depend on how this retrace develops, my main target is around $4500 and we will go from there.

What's your take on what Bitcoin will do next?

Please share in the comments section below... Oh, and remember to hit like if you enjoyed this post.

Namaste.

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