Currency Pair: BTCUSD
Time Frame: 1W
Exchange: Bitfinex
I won't go thru a longer discussion here. Earlier I had posted a technical analysis hoping for the bull run. I had given their two significant conditions one of them was to exit from the current situation if we hit 6350 below. I hope you guys did.
Now everyone is waiting to see how far bitcoin can crash. Many ones are posting many signals here and are looking for a bottom, some novice already has traced out the bottom!
If you ask me how far the jaw can hit the floor I will reply you that I don't know even no one actually knows cause God doesn't live here. What I can do for you is that post a technical analysis including other factors to guess which way we are heading.
This is a very critical moment. Although various indicators showing bitcoin is oversold, it has not ended yet.
Let me tell you something, we were on the bull scenerio just three days before cause there were many good news and the chart pattern was looking good including the indicators, but what happened last few hours? I have tried to figure it out. I guess there are less interested buyers right now to buy bitcoin at the current price. When buyers don't want to buy sellers have to sell it at low.
Now consider the current situation.
At this moment 5300 is the major support level for us. There's a chance to bounce back from this level.
Breaking 5300 level will lead us to 3500 support level. There's also a chance to bounce back from this level.
Breaking 3500 level will lead us to 2000 critical support level. According to bitcoin life cycle many big investors are probably waiting for this bottom line.
In case any bounce back bitcoin has many resistances right now before going to the moon. The active resistances are 5.8k,5.9k, 6.1k,6.4k, 6.6k, 6.8k,7.1k,7.4k and the big one is at 10k.
If you look at the H1 chart you can find each time is passing bitcoin is having new resistances.
At this time scalping tradings at the support levels are out of risk.
So, trade carefully. Every support level is a possible accumulation zone but not a buy indication. Don't try to buy bitcoin when it pumps or dumps. Wait patiently at least for the 3rd possible red candle in the weekly chart.Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Time Frame: 1W
Exchange: Bitfinex
I won't go thru a longer discussion here. Earlier I had posted a technical analysis hoping for the bull run. I had given their two significant conditions one of them was to exit from the current situation if we hit 6350 below. I hope you guys did.
Now everyone is waiting to see how far bitcoin can crash. Many ones are posting many signals here and are looking for a bottom, some novice already has traced out the bottom!
If you ask me how far the jaw can hit the floor I will reply you that I don't know even no one actually knows cause God doesn't live here. What I can do for you is that post a technical analysis including other factors to guess which way we are heading.
This is a very critical moment. Although various indicators showing bitcoin is oversold, it has not ended yet.
Let me tell you something, we were on the bull scenerio just three days before cause there were many good news and the chart pattern was looking good including the indicators, but what happened last few hours? I have tried to figure it out. I guess there are less interested buyers right now to buy bitcoin at the current price. When buyers don't want to buy sellers have to sell it at low.
Now consider the current situation.
At this moment 5300 is the major support level for us. There's a chance to bounce back from this level.
Breaking 5300 level will lead us to 3500 support level. There's also a chance to bounce back from this level.
Breaking 3500 level will lead us to 2000 critical support level. According to bitcoin life cycle many big investors are probably waiting for this bottom line.
In case any bounce back bitcoin has many resistances right now before going to the moon. The active resistances are 5.8k,5.9k, 6.1k,6.4k, 6.6k, 6.8k,7.1k,7.4k and the big one is at 10k.
If you look at the H1 chart you can find each time is passing bitcoin is having new resistances.
At this time scalping tradings at the support levels are out of risk.
So, trade carefully. Every support level is a possible accumulation zone but not a buy indication. Don't try to buy bitcoin when it pumps or dumps. Wait patiently at least for the 3rd possible red candle in the weekly chart.Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Comment:
The Volumes of major exchanges are decreasing significantly right now. Bulls tried to push up the price beyond 5700 levels several times but failed. This is an early indication of heading lower.