04.04.2018
Bitcoin - Hourly time-frame.
Bitcoin has continued to selloff during today's market action, failing to hold/trade above the 200ema support level and intra-day ascending trend-line from the recent swing low. Price has now broken below this level after a period of consolidation and a confirmed H&S (Head and shoulders pattern). The question is, where is Bitcoin heading next after failing to hold these key levels?.
Looking at the support levels & zones the next area of key support zone is between/around $6450 - $5900, which is a support/resistance level dating back to 22/10/2017. We are currently trading & holding on the 1 Hour Fibonacci retracement at the 382/50 levels. If we cannot hold the 50% Fibonacci retracement support level, you could expect price to descend further to $6700 - $6800.
Key support levels are $6450 - $5900, if we break below here, we expect the market to range / consolidate for a while before looking to test the Lows of February around $6000 - $5800
Bitcoin - Hourly time-frame.
Bitcoin has continued to selloff during today's market action, failing to hold/trade above the 200ema support level and intra-day ascending trend-line from the recent swing low. Price has now broken below this level after a period of consolidation and a confirmed H&S (Head and shoulders pattern). The question is, where is Bitcoin heading next after failing to hold these key levels?.
Looking at the support levels & zones the next area of key support zone is between/around $6450 - $5900, which is a support/resistance level dating back to 22/10/2017. We are currently trading & holding on the 1 Hour Fibonacci retracement at the 382/50 levels. If we cannot hold the 50% Fibonacci retracement support level, you could expect price to descend further to $6700 - $6800.
Key support levels are $6450 - $5900, if we break below here, we expect the market to range / consolidate for a while before looking to test the Lows of February around $6000 - $5800