News Analysis
If you compare graphs of the BTC price and interest of people in this currency in Google Trends, you can notice some similarities. When there are many requests concerning BTC, the rate increases, if there is lack of interest, the price drops. During last week you can see that the interest to BTC decreased and according to experts it reached its bottom. Now we can expect another raise in interest in this currency. But it is worth mentioning that many experts believe if the bears can breach another support level, the following drop will be hard to stop.
Volume Analysis
During last night`s price drop trading volume significantly increased, but after that it went back to its previous value.
Support/Resistance Level Analysis
Timeframe: 1H
Last night support at $7,500 (red line) could resist the pressure and the price dropped to $7,320 (green line), where next support occurred. It is likely that this level will work, and the bulls will have an opportunity to raise the rate to the resistance (red). But in case of breaching the price will drop to $7,220 and then at this level it will be clear whether the bulls have the power to keep the rate above $7,000 since next support can be spotted much lower at $6,700.
Timeframe: 1D
Strong resistance is formed at level $7,750 (red). Support at $7,500 was breached last night and now we can expect it to work as resistance. Maybe, $7,300 level will manage to keep the rate from further decreasing. Otherwise, we should prepare for price drop below $7,00 since next support is at $6,800 .
Indicator Analysis
Timeframe: 1H
The rate is moving in the bottom Bollinger Band, the Bands are wide and point downwards.
RSI is very low in bearish zone.
Alligator lines after yesterday`s price growth crossed, signaling about its end, and are now moving apart.
The rate is still below the red Ichimoku cloud.
Timeframe: 1D
The rate was unable to remain above the middle Bollinger line and it is now moving in its bottom Band.
The rate is still above the Ichimoku cloud but is close to breaking it.
RSI moved to its lower half.
Action Plan
On small timeframes a possibility of price increase is noticeable. But on older timeframes both indicators and support/resistance levels show bears` power. Since daily timeframes are better at representing overall situation on the market, we expect continuation of bearish trend. Now it is possible to open short positions with stop-loss set at $7,500.
If you compare graphs of the BTC price and interest of people in this currency in Google Trends, you can notice some similarities. When there are many requests concerning BTC, the rate increases, if there is lack of interest, the price drops. During last week you can see that the interest to BTC decreased and according to experts it reached its bottom. Now we can expect another raise in interest in this currency. But it is worth mentioning that many experts believe if the bears can breach another support level, the following drop will be hard to stop.
Volume Analysis
During last night`s price drop trading volume significantly increased, but after that it went back to its previous value.
Support/Resistance Level Analysis
Timeframe: 1H
Last night support at $7,500 (red line) could resist the pressure and the price dropped to $7,320 (green line), where next support occurred. It is likely that this level will work, and the bulls will have an opportunity to raise the rate to the resistance (red). But in case of breaching the price will drop to $7,220 and then at this level it will be clear whether the bulls have the power to keep the rate above $7,000 since next support can be spotted much lower at $6,700.
Timeframe: 1D
Strong resistance is formed at level $7,750 (red). Support at $7,500 was breached last night and now we can expect it to work as resistance. Maybe, $7,300 level will manage to keep the rate from further decreasing. Otherwise, we should prepare for price drop below $7,00 since next support is at $6,800 .
Indicator Analysis
Timeframe: 1H
The rate is moving in the bottom Bollinger Band, the Bands are wide and point downwards.
RSI is very low in bearish zone.
Alligator lines after yesterday`s price growth crossed, signaling about its end, and are now moving apart.
The rate is still below the red Ichimoku cloud.
Timeframe: 1D
The rate was unable to remain above the middle Bollinger line and it is now moving in its bottom Band.
The rate is still above the Ichimoku cloud but is close to breaking it.
RSI moved to its lower half.
Action Plan
On small timeframes a possibility of price increase is noticeable. But on older timeframes both indicators and support/resistance levels show bears` power. Since daily timeframes are better at representing overall situation on the market, we expect continuation of bearish trend. Now it is possible to open short positions with stop-loss set at $7,500.