Bitcoin Downward Channel Confirming, Drop From 10k:
Bitcoin ‘GOLD 2.0’ Overview: The Bulls need to show buying power and get back above the 10k area after that big push down yesterday. We see a downward channel ‘forming’, at this point that doesn’t show strength downwards just yet until there's a break of the lower swing toward the bottom of the channel @ 9300 mark. If we break that low then 9100 is the next major support. At present levels, This could be the bounce off 9500 support as we have had a nice up run from January and a consolidation period would be 'normal'. The market seems heavier then a bounce to come from what else we are looking at.
Now, everybody is watching the countdown to the bitcoin halving (Bitcoin Cash/SV included as they come first) this is one factor that TA can’t 100% account for. We know this Bitcoin beast is volatile and can move and shake. we don't believe the halving is factored into price just yet, bitcoin will be more valuable to HODL after that date, so the decision is to accumulate now or is the market going lower to buy the dips.
Support Levels: 9500 is support, next if broken is 9100
Resistance Levels: 10000 turns back into the Resistance area
Channel of Interest (marked with the yellow rectangle) It’s back… But the other way. Price needs to drop further and confirm a new candle below the 9300 mark. This is not a profit taking area this is purely something to watch the continuation of a changing trend, thus could be a short lived pull back.
🐃Bulls Verse Bears🐻
Bullish above 10500
Bearish below 6500
Bitcoin to Date:
Overall
Approximate Bitcoin Dominance: 63%
Approximate Bitcoin in Circulation: 18,235,813 BTC
Approximate Bitcoin Left to Mine: 2,764,188 BTC
Road to 21,000,000 Bitcoin Mined: 86.84%
Approximate Days Until Halving: 76-77Days
Daily
Current Price: $9599 USD
Daily Change %:-0.77%
Market Cap: $175,944,589,743.75 USD
24 Hour Volume: $44,173,651,835 USD
Population of the World: ~7,766,702,500+ humans
Bitcoin/World Population: ~ 0.002347947922558 Satoshi’s / $22.53 USD per person
Trading Quote
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
GOLD: $1,650.92 USD -21.38 -1.28% Gold has fallen $21 USD within the day.
Now, everybody is watching the countdown to the bitcoin halving (Bitcoin Cash/SV included as they come first) this is one factor that TA can’t 100% account for. We know this Bitcoin beast is volatile and can move and shake. we don't believe the halving is factored into price just yet, bitcoin will be more valuable to HODL after that date, so the decision is to accumulate now or is the market going lower to buy the dips.
Support Levels: 9500 is support, next if broken is 9100
Resistance Levels: 10000 turns back into the Resistance area
Channel of Interest (marked with the yellow rectangle) It’s back… But the other way. Price needs to drop further and confirm a new candle below the 9300 mark. This is not a profit taking area this is purely something to watch the continuation of a changing trend, thus could be a short lived pull back.
🐃Bulls Verse Bears🐻
Bullish above 10500
Bearish below 6500
Bitcoin to Date:
Overall
Approximate Bitcoin Dominance: 63%
Approximate Bitcoin in Circulation: 18,235,813 BTC
Approximate Bitcoin Left to Mine: 2,764,188 BTC
Road to 21,000,000 Bitcoin Mined: 86.84%
Approximate Days Until Halving: 76-77Days
Daily
Current Price: $9599 USD
Daily Change %:-0.77%
Market Cap: $175,944,589,743.75 USD
24 Hour Volume: $44,173,651,835 USD
Population of the World: ~7,766,702,500+ humans
Bitcoin/World Population: ~ 0.002347947922558 Satoshi’s / $22.53 USD per person
Trading Quote
“What seems too high and risky to the majority generally goes higher and what seems low and cheap generally goes lower.” – William O’Neil
GOLD: $1,650.92 USD -21.38 -1.28% Gold has fallen $21 USD within the day.
Comment:
Looking Heavy, may break 9500 Support here:
