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Lawrence McOchillo

Has Bitcoin bottomed?


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Hi Lawrence, the truth is that Bitcoin could have hit rock bottom at the $5,200 level that it recently fell to before rallying higher past the $6,500 level and it could be headed much higher. However, the fact that it broke below the $5,500 level, which was its 200-week low means that the top crypto could suffer deeper pullbacks in future.

The next major support level is near the $3,000 level and since nobody knows what could happen in future, this level could come into play if the crypto entered another bearish trend. However, crypto traders are in luck because they can profit from both bullish and bearish Bitcoin trends and most would be taking profits at the current price levels.

I would advise you to take some of your profits off the table if you rode the recent rally and look for other opportunities to take new bullish or bearish trades.

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