I have drawn support and resistance zones for bitcoin. I did this several weeks ago incase we were to reach this are again. Right now we are in a perfect buy zone for bitcoin (buy area between 6,5k to 7,5k). I do not believe it will fall lower than 6,5k.
Comment:
Please follow and like if you enjoy my analysis :)
Comment:
Since I edited my post there seems to be no update so I will try to write it again (shorter this time though :P)
We have entered an area with diminishing selling pressure (after analyzing the volume) on the downtrend. The green area is a potential buying area. I do not believe we can fall below 6-6,5k in value on BTC before we see a stronger uptrend.
This is my own chart which I drew weeks ago incase we were to hit this area again, now is a great time to buy in (or you can wait till the lower border if you would like).
Decreasing volume on down bars = decreasing sell pressure (which indicates an underlying strength in the market). The accumulation has occured at the bottom. We are waiting for "professional" money to kick us off into a bullish pattern (cant say if its long or short term though).
My original analysis was much better written however for some reason tradingview is not updating it so i am writing a shorter on above.
Please not ALL of my charts are just me analyzing the market, markets can ALWAYS turn and you should always expect for things not to go your way. Nothing is certain (if it was we would all be rich already).
If you have questions, comments or opinions feel free to let me know. I will try to leave more details on my future charts explaining the underlying fundamentals when thinking.
See you soon
// Kingpersia
We have entered an area with diminishing selling pressure (after analyzing the volume) on the downtrend. The green area is a potential buying area. I do not believe we can fall below 6-6,5k in value on BTC before we see a stronger uptrend.
This is my own chart which I drew weeks ago incase we were to hit this area again, now is a great time to buy in (or you can wait till the lower border if you would like).
Decreasing volume on down bars = decreasing sell pressure (which indicates an underlying strength in the market). The accumulation has occured at the bottom. We are waiting for "professional" money to kick us off into a bullish pattern (cant say if its long or short term though).
My original analysis was much better written however for some reason tradingview is not updating it so i am writing a shorter on above.
Please not ALL of my charts are just me analyzing the market, markets can ALWAYS turn and you should always expect for things not to go your way. Nothing is certain (if it was we would all be rich already).
If you have questions, comments or opinions feel free to let me know. I will try to leave more details on my future charts explaining the underlying fundamentals when thinking.
See you soon
// Kingpersia
