BTC/USD - Critical Level For Bulls
What's up traders,
Bitcoin has been tumbling. Bitcoin is very weak lately and has broken down harder than I believe a lot of people realized. When I say broken down harder, I don't mean the price movement itself, but rather the speed of the move. This has to be taken into account now when analyzing Bitcoin. I strongly advise you to be careful trading Cryptocurrency. Wait for a legitimate reversal before buying and DO NOT impulse buy.
Moving on, let's now analyze Bitcoin on the 1 day chart!
Bitcoin is trading at 6890 which corresponds perfectly with my previous Bitcoin analysis. Based on this being the lower predicted support I am hoping for an up move soon. As it stands, Bitcoin is in free fall and bulls are really struggling to find any spot to get into the market. We are now at a critical level, which is basically the bulls last chance for a victory. You will notice that my support zone is VERY wide. Why is this? Because I'm not a pinhead. I know Bitcoin is volatile, and my zone perfectly outlines EVERY support that could possibly happen within the entire area. IF the wide support zone breaks, Bitcoin could literally fall to the ground.
Bare in mind that since I'm looking for such a wide zone, it's clear that I'm looking for no positions whatsoever at the moment.
I will update this analysis when I receive above 40 likes.
Bitcoin has been tumbling. Bitcoin is very weak lately and has broken down harder than I believe a lot of people realized. When I say broken down harder, I don't mean the price movement itself, but rather the speed of the move. This has to be taken into account now when analyzing Bitcoin. I strongly advise you to be careful trading Cryptocurrency. Wait for a legitimate reversal before buying and DO NOT impulse buy.
Moving on, let's now analyze Bitcoin on the 1 day chart!
Bitcoin is trading at 6890 which corresponds perfectly with my previous Bitcoin analysis. Based on this being the lower predicted support I am hoping for an up move soon. As it stands, Bitcoin is in free fall and bulls are really struggling to find any spot to get into the market. We are now at a critical level, which is basically the bulls last chance for a victory. You will notice that my support zone is VERY wide. Why is this? Because I'm not a pinhead. I know Bitcoin is volatile, and my zone perfectly outlines EVERY support that could possibly happen within the entire area. IF the wide support zone breaks, Bitcoin could literally fall to the ground.
Bare in mind that since I'm looking for such a wide zone, it's clear that I'm looking for no positions whatsoever at the moment.
I will update this analysis when I receive above 40 likes.
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