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BTCUSD - 1M Chart Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After the market capitalization has been decreased a lot, the prices of the major coins have dropped aggressively with Bitcoin breaking the previous "bottom" and reaching the Support Level of 4295$.

Well, the price decrease of almost 29% since the beginning of the month has made a lot of people to be confused about the future of the crypto currencies. We can easily describe this moment like one in which we have to admit that the market will remain unpredictable regardless the level of expertise we have.

At this stage, the RSI on a 1M chart is moving away from the "neutral" area (registering the level of 47) while the Stochastic's crossover didn't occur yet. Also the MACD is still below the Signal line which means that there is still more room for the price to go even lower.

But what's the most important aspect is the red candlestick which has big chances to be fully created below the 20 days Moving Average if the price will not end up the month higher than 6377$ at least. And like we've mentioned on the previous posts, this red candlestick can be considered as a confirmation of the bearish trend , meaning that the next Support Level of 2045$ can be a possible target in the future.

Of course, if the positive news will start to come and it will bring higher trading volumes, the situation can change and the price will have chances to go again above the Resistance Level of 6641$.

"Hoddlers", let's pray harder! :)
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