After yesterday’s Bitcoin crash there is not much to work with. Based on Coinbase prices, resistance may come in 5,652, 5,760 5,868 based on fib retracements and last nights hourly swing high.
There is now some support at 5500, and we may see support at 5,280 (yesterday’s low) as well as 4,700 which is a historical support level.
However, the reality is that technical analysis is of limited value in the current environment. Liquidity is low, and the decisions of a few people can have a significant effect on how things play out.
Until things stabilise, the best option will be to follow momentum on short term time frames with tight stops – or watch and wait.
There is now some support at 5500, and we may see support at 5,280 (yesterday’s low) as well as 4,700 which is a historical support level.
However, the reality is that technical analysis is of limited value in the current environment. Liquidity is low, and the decisions of a few people can have a significant effect on how things play out.
Until things stabilise, the best option will be to follow momentum on short term time frames with tight stops – or watch and wait.