We are going down. It's not time to be . We have crossed multiple support lines in just hours.
We had really stron support line at ~9300USD. It should have held longer. Conclusion - it's going to be very ugly.
I marked our for now. It's between ~9300 and ~7700USD. It covers with the .
I don't see any good scenario. Bitcoin needs to retrace. We had a strong bullrun at the end of 2017, now it's time to rest.
Still the pattern from 2013-2014 is valid.
See my previous chart down below: "Houston, we have a problem. BTC rocket is hoing down".
So trade with caution and please remember - this information is not a recommendation to start a short position.
It's for educational purposes only.
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That was a good sign, and as i predicted a week ago we bounced of a strong resistance at ~9300USD.
Now we're falling down and we are at our first stop to ~7600 support.
Actual price, 8500USD is our minor support level. We need to wait for daily candle to close.
Then we may have a little bounce up, maybe even to the resistance at ~9300,
but i think we rather go down to at least ~7600USD support level. I mean sooner or later we need to test this support again to go higher.
Upper lows created new, short-term trendline. If we can stay above it, then it's good signal. I marked with green and red arrows a few possible scenarios for the next hours/days. So stay tuned and safe and remember - nobody knows where bitcoin is going so don't let yourself be fooled by super-duper bulish scenarios "to the moooon and beyond" or the bearish one "btc will cost 1USD by the end of 2018".
Buy low, sell high.
See ya ;)
We're closing to intersection of trend line and support line.
This should be a strong support place and i think
we will bounce of this point.
But keep in mind that there's a possiblity to cross this point
and go down.
If so, next stop is around 7300/7200USD.
This was short-term prediction.
Now the long-term one.
Unfortunately looks like our pattern from 2013/2014 is still valid.
It's very bearish and may take us to ~4600USD, and then maybe to ~2500USD.
Recovery will take months if not years. I don't like it, but we're just copying price chart from 2013yr.
Of course it's just a prediction. Keep in mind we may break this downfall anytime :)