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In our past updates, I indicated the odds were high that Bitcoin would pullback since it was approaching major resistance on an advance that had occurred on weak volume. And that is exactly what has occurred. Bitcoin is in a definitive correction and down about 30% from all-time highs set last month.
In our last update, we mentioned that Bitcoin (our market proxy) was fast approaching major resistance and to expect some type of pullback or weakness. Since then we have seen the initial phase of that weakness play out.
Now that bitcoin is approaching major resistance, I lay out what we should be looking for.
For our first crypto update, I analyze the current uptrend in Bitcoin to help us determine its technical strength and/or weakness. I evaluate the current move off the $30,000 level on both the daily and weekly charts.