I decided to post a closer view of where Bitcoin is presently at. I've kept all the same indicator lines as before, but now the main view is centered around the action. See the previous charts and hit play for how closely I've been anticipating the descent of Bitcoin.
See the cyan box for the current area to keep an eye on Bitcoin and zoom out/scroll down for the lower indicator zones in the orange-red box below it.
Cyan box = ~$7200 down to $4800 area.
Red box = ~$4800 down to $2500 area.
Important lower areas to watch for:
- $6000 -$6200
- $5400 - $5900
- $3500 - $4800
Please note the indicator lines that are various levels of support areas.
Right now we seem to have come to a slow-down, but remember we are still running under the $7200 - $7300 area and more importantly, under $6950 as well. There's been a brief break of the $6550 line area before returning back up into what appears to be a weekend hover zone. I expect into next week Bitcoin will continue it's long descent.
See the cyan box for the current area to keep an eye on Bitcoin and zoom out/scroll down for the lower indicator zones in the orange-red box below it.
Cyan box = ~$7200 down to $4800 area.
Red box = ~$4800 down to $2500 area.
Important lower areas to watch for:
- $6000 -$6200
- $5400 - $5900
- $3500 - $4800
Please note the indicator lines that are various levels of support areas.
Right now we seem to have come to a slow-down, but remember we are still running under the $7200 - $7300 area and more importantly, under $6950 as well. There's been a brief break of the $6550 line area before returning back up into what appears to be a weekend hover zone. I expect into next week Bitcoin will continue it's long descent.
Comment:
I apologize for my solid blue and dashed cyan diagonal lines, they seem to have gotten moved around after I modified the chart and are not where they are supposed to be.
Comment:
The weekend action is slowly cycling back down. Expect a push into $6450 late Sunday or early Monday morning as the price continues to decrease.
Comment:
Earlier today we reached the $6450 mark and there was a significant rebound to the $6950 area. The price is dropping again. Expect the next push down to hit around $6300-6350, perhaps a slight increase and then a drop into the $6000-$6200 from there. Depending upon the reaction, there is a chance that the price pushes into the $5400-5900 range area as well.
