Hi guys,
Welcome to my analysis on Bitcoin. I know the last couple of weeks have been very bad. Bitcoin topped at 10k and then dropped all the way back to 6.1k. The reason of this drop is still unknown. Some people are claiming it is because of the CoinRail hack, others say it is because of Tether, others say it is because of the futures. I do not know the reason and I do not wanna be speculating.
Therefore, I am currently keeping an eye on bitcoin, because it is at low levels right now which are key support levels.
So... after the massive drop out of the continuation triangle we reached support at approximately 6.6k. At that point we have had a little moment of consolidation, before dropping like a rock. On June 13th we dropped like crazy to 6.1k and there we bottomed out (FOR NOW!). Yesterday the SEC declared Ethereum and Bitcoin are not securities (which is good!). Therefore we saw a huge spike in price. I expected this pump to maintain, but the 6.7-6.8k is a tough resistance level to break through.
The following levels are important:
- 5800-6000 (obviously). If we drop below this level we could easily 5k;
- 6700-6800 and after that 7000;
Thus, I am keeping an eye on bitcoin right now. I personally think the bears are still stronger than the bulls. But let's see what happens the next couple of days.
Welcome to my analysis on Bitcoin. I know the last couple of weeks have been very bad. Bitcoin topped at 10k and then dropped all the way back to 6.1k. The reason of this drop is still unknown. Some people are claiming it is because of the CoinRail hack, others say it is because of Tether, others say it is because of the futures. I do not know the reason and I do not wanna be speculating.
Therefore, I am currently keeping an eye on bitcoin, because it is at low levels right now which are key support levels.
So... after the massive drop out of the continuation triangle we reached support at approximately 6.6k. At that point we have had a little moment of consolidation, before dropping like a rock. On June 13th we dropped like crazy to 6.1k and there we bottomed out (FOR NOW!). Yesterday the SEC declared Ethereum and Bitcoin are not securities (which is good!). Therefore we saw a huge spike in price. I expected this pump to maintain, but the 6.7-6.8k is a tough resistance level to break through.
The following levels are important:
- 5800-6000 (obviously). If we drop below this level we could easily 5k;
- 6700-6800 and after that 7000;
Thus, I am keeping an eye on bitcoin right now. I personally think the bears are still stronger than the bulls. But let's see what happens the next couple of days.