Hello Cryptofriends,
Today we saw a pretty significant downtrend where BTC went to test the support line of USD 9'800.00. It has now dropped all the way down to nearly 9.6k on GDAX - that's nearly a 12% price drop in 24 hours... Could we be seeing new lows? I am no financial advisor and this is no financial advice, but in my opinion I think this downtrend will reverse itself within the next 12 hours to go and retest the previously-set resistance levels.
So the question is whether to buy now or not... I believe we need to wait for a confirmation from the price action to see whether this downtrend is likely to continue down to the low 9k / high 8k level and find support there, or whether we will find support by 9.5k. It isn't looking very good to me, this could be a new 9k support test! And this is why I am still awake, at nearly 2:45am, waiting to see where we are heading...
What are your thoughts? What are your targets?
Looks like we are having some much needed buy volume coming in, if it crosses that green line and stabilizes I think we can expect that reversal.
EDIT: if you're looking to buy, I would wait a little longer... I am looking to buy in again at the 9.9 - 10k level if it holds this course.
Resistance being met... Not managing to push through my line just yet... Needs another big push and then it should start moving back up.
Seems like it has pushed through that resistance line... Time for me to buy in again and go to sleep :)