Have a look at the 4 hour chart over the past couple of months. It touched the down trend line for the 3rd time a couple of days ago thus confirming the trend. The uptrend of February seems to have broken. But can bitcoin really continue to fall much further? There is a lot of support around the 9,2 to 9,5k mark, can it hold? There appears to be a small H&S pattern which is looking to drag BTC deep down to the support zone. If this support breaks it could be a quick trip back to the 6k mark. However, on the upside if support holds and we see a strong push above the down trend line and beyond the 11,8 to 12,2k resistance then we could see a very strong recovery for bitcoin perhaps back up to the 17,5 k mark over the medium term.
The most likely scenario for BTC though in the meantime is for it to bounce between the support area and the down trend in the range of about 9,2 - 10,8k. A good place to enter might be in the support area 9,2 - 9,5k.
The most likely scenario for BTC though in the meantime is for it to bounce between the support area and the down trend in the range of about 9,2 - 10,8k. A good place to enter might be in the support area 9,2 - 9,5k.
Comment:
I wrote the above yesterday when BTC was at around the 10,5 mark. Here's an updated chart that I did just now.
