BTCUSD certainly has had it's ups and downs recently. It may be quite obvious that overall, it is stuck below the strongest support curve that we have been able to maintain which is never a good sign. In the short term though, there is a very defiant uptrend which should be sustainable for anywhere between a couple months to a year.
Although BTCUSD took a huge beating today, you can very easily see that the downwards momentum is slowing down as it approaches the less aggressive support curve. This curve dates back to mid August (2018) and looks to be solid enough for a rejection here.
I would not put too many chips on Bitcoin's long term profitability, but for now it will certainly be a money maker.
In the best case scenario, taking all unforeseeable factors off the table, BTCUSD could make it back up to $10,000 in October of next year without too much trouble.
However, more likely than not, there will be some sort of a dip before that point and a new support will be made.
Although BTCUSD took a huge beating today, you can very easily see that the downwards momentum is slowing down as it approaches the less aggressive support curve. This curve dates back to mid August (2018) and looks to be solid enough for a rejection here.
I would not put too many chips on Bitcoin's long term profitability, but for now it will certainly be a money maker.
In the best case scenario, taking all unforeseeable factors off the table, BTCUSD could make it back up to $10,000 in October of next year without too much trouble.
However, more likely than not, there will be some sort of a dip before that point and a new support will be made.
Comment:
Keep in mind that the displayed chart is using 1 hour candles. This is only meant to display the deceleration of the price drop.
Comment:
Looking at the chart today displays exactly why 1 hour candles are very risky. They are extremely short term and do not carry much weight.
While it appeared as though everything would be fine and a rejection was eminent; the price continued to drop due to the downwards momentum.
While it appeared as though everything would be fine and a rejection was eminent; the price continued to drop due to the downwards momentum.