The price of bitcoin has shown a strong surge over the past weeks as price rallied from $3750 to $6900, however we see a rejection at the $6900 level which confirms a resistance.
The daily chart is showing a clear rejection which is not a bullish perspective to look for, since price wasn't able to break $6900. We could be looking at lower support levels below at $5600-5800, $4750-$4900 and $4250-$4400. These levels are substantially higher timeframe support levels which could provide potential long opportunities, if price rejects these levels spotted on the Daily chart then BTCUSD could be heading lower !
The price of bitcoin lost an uptrend, which indicates that there's more downwards momentum to come .
Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial.
You should therefore carefully consider whether trading is suitable for you in the light of your financial condition.
Goodluck !
The daily chart is showing a clear rejection which is not a bullish perspective to look for, since price wasn't able to break $6900. We could be looking at lower support levels below at $5600-5800, $4750-$4900 and $4250-$4400. These levels are substantially higher timeframe support levels which could provide potential long opportunities, if price rejects these levels spotted on the Daily chart then BTCUSD could be heading lower !
The price of bitcoin lost an uptrend, which indicates that there's more downwards momentum to come .
Risk Warning : The risk of loss in trading Foreign Exchange (FOREX) can be substantial.
You should therefore carefully consider whether trading is suitable for you in the light of your financial condition.
Goodluck !