BTC tumbled sharply earlier today, coming within 400 of the 42,500 target we discussed on Aug 25 [see More of the Same]:
BTC reversed just short of its .618 Fib. Although the cloud remains bullish and it’s above all of its SMAs, it feels tenuous to me. I think we get a cloud backtest here, ideally at the 42,500 level.
It rallied from its lows to close above its SMA200, which is about the only bright spot on the charts.
Will it hold?
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