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Bitcoin - Why Its Retracement Levels Matter

Bitcoin (BITFINEX:BTCUSD)  
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BITFINEX:BTCUSD   Bitcoin
Trend Analysis Chart Patterns BTCUSD BTCUSDT btcusdlong btcusdshort
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Looking at BTC's previous retracement levels after hitting its all-time high in December, you can see a big difference in our most recent bounce in comparison to its previous bounce. In all of it's previous recoveries, Bitcoin hit at least the .5 retracement level and most often hit the .618. However, in this latest bounce, BTC has even failed to hit the .382 level and is looking very weak. This is looking very much like a dead cat bounce, which could send the price to retest the recent lows. If BTC doesn't hold the $2955 level, we could see it fall below $2000! BE VERY CAUTIOUS!
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