BTC - Is the downtrend back ?
Hello all,
I'm afraid that the little bounce we had yesterday was just a technical bounce...
Here was the chart of yesterday :
Here is the current chart :
I think we are on the way to go test the support line in green.
If that support line is broken, the previous low around 6000$ could be the next objective.
If the support line is strong enough, a bounce from it could start and try to reach the resistance line in red but it is a little bit too early to think about that now.
I wish you massive profits,
Cryptopassion.io
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Totally agree with you analysis. Price formed 3 supply zones (stacks of sell orders) as indicated in the red circles and broke through 2 demand zones (stacks of buyer orders) as indicated in the yellow circles on the 4 hr zone. The sellers are in control now. I see price going to $8400 before breaking $12000.
I have to be honest. Though a lot of people want bitcoin to go higher, I would like it to settle for a while so that the smaller investors can get a chance to invest in it. Because we still have a lot of small investors who are not ivested in bitcoin yet. Hopefully they can get in soon and then we can all see it rally up to the $50,000 mark. Thanks for the analysis.
Smaller investors or those who have yet to invest won’t buy in because prices have dropped. That will scare people off. Prices need to rise again and dramatically to attract new investors.
I do believe it is going to go quite a bit lower than it is right now, and so I think your wish will come true!
@cryptopassion I believe your analysis is correct, because look at the head and shoulders pattern which is just about to break below its neckline.
Oh hell, please noooo....
If it goes down....great time to buy and #hodl!!
Just like everything else Crypto, Steemit is a long term investment and frankly, its pretty cool Steem has invented a way to make grinding for SBD a super fun process where you meet lots of cool people. I do hope your calculations are correct and we see a market turn around soon!
Im thinking we stay above 9500 if we drop below that could see another low of 6-7k
now time bitcoin user face many prbl and allso done bitcoin,i hope some day after up, and allso thanks for u good post...
Personally I think the price will bounce a little higher, but then I think it will go back down and retest those lows over the coming weeks.
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