satoshimoto

BTC critical support levels to watch

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin's decline in price has been going on for a while now. The crash was expected, and it was not a surprising sight to see. With BTC approaching its long-term support levels we should start to pay attention.

To keep things as simple as possible, I draw a triangle with resistance and support levels. If we break thru the resistance and consolidate for few days, we may see an upward movement and move beyond 10k-12k.

With MACD oversold and RSI near the bottom, both indicators are bullish . We need to see a higher buying volume so that breakout can happen.

This is not trading advice. I am not responsible for any losses may occur from following this idea. DYOR
Mar 29
Comment: Support is broken.Things does not look good for BTC.I would say selling for USDT would be a good idea at this point.
Apr 14
Comment: Buying volume kicked in and saved the day for BTC. This may be the sign off bull market, however we should also consider the possibility of potential bull trap. Thus, we have to pay attention to the volume again.
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