Bitcoin after giving breakout above symmetrical triangle pattern few days ago , has now turned bearish. Yesterday, it has broken important level of $2418 and closed below it.
Lets take a quick look at chart below to know what is going to be next move in this script.......
In above chart there are following point to take note of:-
- Support 1: This prior support which is at $2428 level now has become resistance as yesterday bitcoin broke this support. This support is at very important level as one can notice on chart above that this support has given cushion for atleast 8 times in the consolidation which was happening for so many days. That is why its a very bearish signal for Bitcoin prices.
- 50 Days EMA: This red wavy line on chart above was another support at $2401 which was also being broken by Bitcoin yesterday. Now next visible support on chart above is at 2257 level.
- Volumes: Liquidity flow was also on higher side in yesterday's downmove, which signals a stronger sellers hands are now in play, which will put further pressure on Bitcoin prices.
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Now The Conclusion
In conclusion, I am inclined to say again that bias has no doubt turned bearish in Bitcoin. $2257 level which i marked in dotted horizontol line on chart above may provide some cushion, nut if sellers keep on pressurisng the prices, then this level can't hold for longer but its a only hope as far as now. And if today Bitcoin again closes below support 1 , then $2257 level will get broken and next solid support is at around $1856 level, so investors who are still on 'hodl' should prepare themselves to see bitcoin to trade at that level.
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Nice write up. Upvoted and resteemed.
Thanks :)
Cruised through your articles. Good stuff in there. Going to follow as well. It has beem a grip since I've written on crypto stuff. I think Fall is going to be a big time in the crypto market.
Did you see this or have you been following it?
https://steemit.com/darkweb/@seanengman/alphabay-down-exit-scam
Nice article. I think the support lines will not hold for long. This segwith panic is really unpredictable and it's here to stay. Not even sure when the right "BUY" time is, I bought yesterday @2300 and this morning @2180. By looking at the volumes, people are "taking out" resistance lines, which could mean a possible freefall.
If you need to, you can join the bitcoin core developers channel on slack, they have a specific UASF channel. Overall, we cover many of the problems occurring in real-time and this type of insight can help you with your decisions in the marketplace. See bitcoincore.slack.com .
With your current purchase, general guidance is not to sell and never put in more than you are prepared to lose. You are currently purchasing during an Ethereum panic sell, (Eth->Btc->Fiat currency) the price can go lower.
Sorry for your loss, and yes cryptos are in bear grip.
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great information thanks for sharing ! Upped !👍👍👍
cool
Just hold even if it is for 12 months.
Best of luck to you!!!
This post gets a 6.25 % upvote thanks to @jimmyrai28 - Hail Eris !