Hi traders, I hope you're all having a good trading week.
Here we are analyzing BTC/USD on the 1D chart.
If you remember from my last analysis, I discovered a level at 8590 that was a good hidden level which could have acted as a nice support level for more upside. As it stands, Bitcoin is about to hit this price level where we will see more action (See related ideas below this idea for more information on this analysis).
When reviewing the chart after some time, we can see price did not quite make it to the 8590 level, but it looks like it now might. When analyzing the chart from a different perspective I discovered that there is still support in the form of a side-wards support line. Now, this doesn't mean the support is necessarily compelling, but it does indeed imply that there is obviously a strong support in that general area,
The 8500 to 8650 level is clearly a juncture for the coin. There is always volume and participation around here, people don't want to see the price go lower.
From a different perspective, price did hit a major moving average support on the 5th of May and has been in a gentle down move ever since. I expect price will continue to fall into around the 8590 level before it either bounces off the side-wards support level, or falls lower into the horizontal support level at 6360 where there will be a bounce and some high probability upside.
Bare in mind, that just because price fails at the side-wards support at 8590, it does not necessarily mean that price will fall right to the lower support, this is simply the lower boundary!
I will update this analysis if it receives above 40 likes.
Here we are analyzing BTC/USD on the 1D chart.
If you remember from my last analysis, I discovered a level at 8590 that was a good hidden level which could have acted as a nice support level for more upside. As it stands, Bitcoin is about to hit this price level where we will see more action (See related ideas below this idea for more information on this analysis).
When reviewing the chart after some time, we can see price did not quite make it to the 8590 level, but it looks like it now might. When analyzing the chart from a different perspective I discovered that there is still support in the form of a side-wards support line. Now, this doesn't mean the support is necessarily compelling, but it does indeed imply that there is obviously a strong support in that general area,
The 8500 to 8650 level is clearly a juncture for the coin. There is always volume and participation around here, people don't want to see the price go lower.
From a different perspective, price did hit a major moving average support on the 5th of May and has been in a gentle down move ever since. I expect price will continue to fall into around the 8590 level before it either bounces off the side-wards support level, or falls lower into the horizontal support level at 6360 where there will be a bounce and some high probability upside.
Bare in mind, that just because price fails at the side-wards support at 8590, it does not necessarily mean that price will fall right to the lower support, this is simply the lower boundary!
I will update this analysis if it receives above 40 likes.
