Above the current price, the first resistance at $4,924. Above this level, the EMA50 appears at $5.147. If the BTC/USD manages to overcome this exponential average, we could begin to think of a stabilization scenario and a bullish turn. In the meantime, the danger of new lows will be present.
Below the current price, the first support at the price level of $4.392. The second support level at $3,932 would set new annual lows and would surely take the nerve state of many readers to the next level. The third level of support at $3,250 is far away and would surely raise much money wanting to buy at a discount. Remember that mining a BTC today costs $6,100.
This setup opens up two possible scenarios. The first is an upside scenario of uncertain potential. The second is a sideways movement scenario. From what it looks like, the least likely scenario is the bearish one, at the time.
Below the current price, the first support at the price level of $4.392. The second support level at $3,932 would set new annual lows and would surely take the nerve state of many readers to the next level. The third level of support at $3,250 is far away and would surely raise much money wanting to buy at a discount. Remember that mining a BTC today costs $6,100.
This setup opens up two possible scenarios. The first is an upside scenario of uncertain potential. The second is a sideways movement scenario. From what it looks like, the least likely scenario is the bearish one, at the time.