Afternoon chaps. Well it looks like we have a definite bear market on our hands. Ive highlighted 2 crossovers which are bear signals, the 2nd crossover happened below the cloud which is a strong bear signal. Ive mentioned the other bear signals in my last BTC analysis if you want to have a look. Now for the reason I think we could be seeing a 30k BTC is the fact that, that is the next resistance zone. Also there could be some new people in the space selling their BTC because they have fear of losing money which in turn could drive the price down to 30k.
There is another thought I had, it is perhaps if we can hold 34k/35k then we could consolidate on this mark for a few weeks or even months to create a higher low on a grander up trend scale. If you look to the left on the chart you will see the highlighted area where we had some uncertainty on the market before a break up to 50k. This could possibly be a new resistance level for BTC.
There is another thought I had, it is perhaps if we can hold 34k/35k then we could consolidate on this mark for a few weeks or even months to create a higher low on a grander up trend scale. If you look to the left on the chart you will see the highlighted area where we had some uncertainty on the market before a break up to 50k. This could possibly be a new resistance level for BTC.