Back to Support
Very long term outlook still looks bullish as Bitcoins price is near a very long term support.
BTC is still stuck within this range. We had a false breakout recently but the price crashed back down into range with the rest of the crashing markets last week. As you can see below BTC has dipped below the very long term support mentioned above. This has happened a couple times the past several weeks but the price would quickly jump back above support. Will this time be any different?
I can see a few possible moves in price action. I have marked them below by different numbers. If the trend stays then we should stay in the range BTC has been in. Im hoping for a total breakout but market sentiment just keeps getting worse with no avail.
1. Melt down below range making new lows.
2.Price will climb up to the very long term support that has now become resistance. Rejecting resistance and dropping to new lows.
3.Price will climb back up to resistance and stay in the range it has been in for several weeks.
4. Total breakout
2.Price will climb up to the very long term support that has now become resistance. Rejecting resistance and dropping to new lows.
3.Price will climb back up to resistance and stay in the range it has been in for several weeks.
4. Total breakout
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SpyderCallOP : looks like the price action from choice number 1 has already begun. I thought ot might take longer.
solo invest : Do you think Bitcoin’s gonna bounce off the support or head further into bearish territory. Looking at that chart it seems like it’s been going down a while. How much more can it go?!
SpyderCallOP solo invest: things do not look good for bitcoin. the picture just got more bearish today. Unless this is a bear trap bitcoin has more downside