Bitcoin could still see $6800s

Bitcoin / DollarBitfinex

Description

⋅ May 24, 2018 5:02 PM

We have 2 major trend lines, one at around $7400 (green) that is currently holding price action and the other one around $6800 (pink), I'm not trading bitcoin until there is a reversal confirmation, but the zone between these two trend lines seems like a probable bounce area. As far as a target goes, we have resistance around $8,000 if we cross that, then $9,000 would be the next target.

Comment

⋅ May 24, 2018 5:08 PM

Which trend line do you think will hold bitcoin? $7,200-$7,400 or $6,800s? Please leave a comment with your answer.

Trend Analysis

Comments

JackieHuynh

⋅ May 24, 2018 5:10 PM

if we drop again within 1 or 2 days, I think 7k$ will be tested.

JackieHuynh

⋅ May 24, 2018 5:17 PM

@SamHuynh, RSI 1D is bugging me. well we need at least 2 days to confirm its movement T_T

davec83

⋅ May 24, 2018 5:19 PM

@SamHuynh, That is also partially why I think it's possible to touch 6800s, RSI still has room for downwards action.

davec83

⋅ May 24, 2018 5:18 PM

@SamHuynh, we should start seeing some sideways movement soon, with the obvious lows and highs that could range several hundred points.

davec83

⋅ May 24, 2018 5:18 PM

@davec83, sideways as accumulation that is.

JackieHuynh

⋅ May 24, 2018 5:20 PM

how do you think about ZRX ? I am very tempting at playing it. it is coinbase's coin.

davec83

⋅ May 24, 2018 5:28 PM

@SamHuynh, hard to tell without much past price history, but I think it all depends whether it can break 21770, if it does, it could into price discovery and who know what the top could be...