Bitcoin recently saw a huge decline in price and fell into the 'capitulation' phase. A lot of participants sold their holdings in that phase. Bitcoin fell from $7600 when majority of analyst were expecting a Bullish run. Since that moment, Bitcoin continued to fall till $5800 and at that point there was significant chances that Bitcoin might be going down to $5500 but Bitcoin bounced back from that level.
Currently, Bitcoin is trading at $6750. If we look at the charts, $6800 is a major resistance level for Bitcoin which it was unable to cross in past 1 month. Bitcoin has rejected from that level almost 5 times and recently too, Bitcoin has rejected that price level twice.
So, what would be the potential movement of BTC?
Let's have a look at that:
If we look at the above chart, Bitcoin was able to surpass all the previous resistance levels easily and with high volume but when it comes to $6800, it always shows some kind of weakness.
Now, if we look at the chart, BTC has bounced from first 'red' box and currently rose way above it and trading at $6762. If BTC breaks the $6800 with volume, we might expect it to test $7100 then.
Only $6800 resistance break would confirm BTC 's Bullish trend, until then we can just wait because current levels are not good for profitable trades.
Thanks for reading ..!!
we should now be continuing the upward trend till end of year like it has done year after year. Of course there will be some sell offs but buying now and holding till December should yield a nice amount of gains
i guess one time more bitcoin will be again down 6000$ then bitcoin will bull in August to touch 11000$ ? maybe i m right or wrong
cryptonet, Bitcoin will not increase in 2018
Agreed?
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