Where Bitcoin Is Heading Next: $3500 Or $5000?

Well, Bitcoin is on a wild Bearish run since this whole month. People are selling like crazy and this sell off is making things difficult for Bitcoin. As soon as $6000 support break, Bitcoin is free-falling and the next huge support would be $3000-$3500. Current price of Bitcoin is trading around $4200. So, a fall by 30% further still in play. 

So, what are the major probabilities of Bitcoin falling to this $3000-ish range?

Let's have a look at the chart:

As you can see in the chart, we can see RSI on daily level is extremely oversold but that doesn't mean that we are due for a Bull-run. RSI indicates strength of the trend and by no means it indicates the reversal. We can see the huge Bearish pressure in the market as of now and price may fall further down to $3500. 

• If Bitcoin falls from here, the obvious clear support would be $4000, $3500 and then $3000.
• Although, Bitcoin is also testing 200 Week Moving average for the first time since 2015 and it may act like a huge support around $4000.
• If Bitcoin rise from current price, the first obvious resistance would be $4650 and then $4800, $5000.
• I don't think that a Bull run is about to start which can take Bitcoin above $6000 in very short term. 
• Bitcoin has to consolidate for a while before starting a Bull-run and how long this consolidation will run, that depends of demand and supply.

So, keep your trade short, take profits and always use stop loss.

Thanks for reading ..!!

Image Credit