BTC/USD Update. Let's review both scenarios: Positive and Negative.
I will start with a negative scenario.
Let's assume that due to the pressure of G-20 countries against crypto (South Korea and China, plus recent rhetorics from India) will push the Bitcoin even further down. Then our next resistance lines are: 7690, 6200 and 5500.
I made partial BTC purchases at 8600 but I am still waiting for the further fall.
However, in a short-term period I expect to see some recovery, possibly UP to 10,000 USD as we can clearly see a new resistance line at that level. After that, if we won't be able to go over 10,000 then we will move further below 8000 to 7600 levels.
5758 USD would be a perfect BUY, however I am not sure if the price will go THAT LOW. It would be smart to set some of your buy orders along that price channel.
Soon, I will publish my vision of positive BTC-USD scenario.
I agree, with all that is going on, it is definitely possible to see Bitcoin fall some more maybe down to $7000. The market dropped to as low as $348 billion today and shot back up over $400 billion. I think the resistance line at $350 billion is too strong which means BTC will not drop lower than $7000. We will see anything is possible.
Thanks for posting!