Here's our analysis on Bitcoin .
From a quick glance at the historical readings on Bitcoin , we can see that price has been dropping in stages of around 500USD.
First, from a support level of 6500, down to 6000, 5500, 5000 and so on. What's also interesting is that retests of previous support turned resistance is weak and only seem to be prevalent at below the 4500USD level.
From here, price has been forming lower highs while retaining a solid support level at 3800. I seems that the sellers are gaining strength over the buyers.
This gives us a descending triangle pattern which is soon to complete, which in itself, generates high likeliness of a continuation to the downside.
What's also interesting is that 3800 level has not been a solid support zone in the past, which indicates that it is more than likely to be broken towards the downside.
The charts show that 3500 is the next support zone , followed by 3000.
What to do?
As our current price level is not indicative proof of a support zone , price is likely to fall or rise into one.
We will await confirmation of a bullish or bearish candle which is placed just above or below the previous highs or lows
Price would be either go to
1. 4200 (30%)
2. 3600 (70%)
If we see price go into scenario one, it would suffice a buy entry via double bottom . We would be looking at TP1 at 4500, and Tp2 at 5000.
if price falls and we see scenario two occur, it is more than likely price will fall down to 3000 before a possible rally back up for a retest of 3500.
Either way, there is profit in the making
If you liked the analysis and would like to learn how to trade effectively yourself, head to
www.patreon.com/indigotradinggroup
Thank you <3 much love
From a quick glance at the historical readings on Bitcoin , we can see that price has been dropping in stages of around 500USD.
First, from a support level of 6500, down to 6000, 5500, 5000 and so on. What's also interesting is that retests of previous support turned resistance is weak and only seem to be prevalent at below the 4500USD level.
From here, price has been forming lower highs while retaining a solid support level at 3800. I seems that the sellers are gaining strength over the buyers.
This gives us a descending triangle pattern which is soon to complete, which in itself, generates high likeliness of a continuation to the downside.
What's also interesting is that 3800 level has not been a solid support zone in the past, which indicates that it is more than likely to be broken towards the downside.
The charts show that 3500 is the next support zone , followed by 3000.
What to do?
As our current price level is not indicative proof of a support zone , price is likely to fall or rise into one.
We will await confirmation of a bullish or bearish candle which is placed just above or below the previous highs or lows
Price would be either go to
1. 4200 (30%)
2. 3600 (70%)
If we see price go into scenario one, it would suffice a buy entry via double bottom . We would be looking at TP1 at 4500, and Tp2 at 5000.
if price falls and we see scenario two occur, it is more than likely price will fall down to 3000 before a possible rally back up for a retest of 3500.
Either way, there is profit in the making
If you liked the analysis and would like to learn how to trade effectively yourself, head to
www.patreon.com/indigotradinggroup
Thank you <3 much love
Trade active:
As predicted, price movement goes down. 3500 seems broken. Staying bearish until 3000