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February 10th, Bitcoin and Altcoins, Silk Road
On the 4-hour chart, Bitcoin just dropped to around 60,000 and was quickly pulled back. It is now oscillating around 70,000 to build a bottom. The Bollinger Bands are starting to narrow, with support at the middle band. The MACD bearish momentum is weakening, and it’s no longer falling.
Trading ideas:
Bitcoin retraces around 68,000–69,000, aiming for 71,000–72,000
Altcoins retrace around 2,050–2,090, aiming for 2,150–2,200
Overall, it’s about retracing to buy low and look for a rebound to recover. Don’t chase highs; buy in at the right levels before going long.