Currency Pair: BTCUSD
Time Frame: 1M
In my previous analysis when Bitcoin was trading near 5.6k I have mentioned that we haven't reached at the bottom yet.I won't go thru a longer discussion here. At this time there is too much selling pressure. Earlier I have mentioned that if we break 5.4k we will face a massive massacre. Now 4.4k is a possible accumulation zone. If bull fails to push it up from there we will face the second major support level at 3.9k, after that third major support level 2k will come to the scenario. You have to remember at this stage we haven't any strong support on long-term view (till Q2/Q3 of 2019). We only have very strong resistances. Breaking of support level 2k anytime may lead us to 400 dollars only. On the other hand, breaking of super strong resistance at 10k may lead us to 20k again. But I think we should be prepared to face the worst scenario in the upcoming months.
Don't try to buy bitcoin when it pumps or dumps. Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Time Frame: 1M
In my previous analysis when Bitcoin was trading near 5.6k I have mentioned that we haven't reached at the bottom yet.I won't go thru a longer discussion here. At this time there is too much selling pressure. Earlier I have mentioned that if we break 5.4k we will face a massive massacre. Now 4.4k is a possible accumulation zone. If bull fails to push it up from there we will face the second major support level at 3.9k, after that third major support level 2k will come to the scenario. You have to remember at this stage we haven't any strong support on long-term view (till Q2/Q3 of 2019). We only have very strong resistances. Breaking of support level 2k anytime may lead us to 400 dollars only. On the other hand, breaking of super strong resistance at 10k may lead us to 20k again. But I think we should be prepared to face the worst scenario in the upcoming months.
Don't try to buy bitcoin when it pumps or dumps. Let me know what are you thinking which way we are heading in the comment section. If you find my post useful please hit the "Like" and "Follow" button. Remember an analysis is not a financial advice.
Comment:
Bounced back from 4.4k level.This level is not a pure buy zone. The alts signals are very bad growing scenario. We are going to head lower again.