BTC/USD - Crunch time
Updated
Price is now approaching the all important support zone, that has been the only thing keeping Bitcoin above 5.5k for absolute months. Price has been making consecutive lower highs since May, with no sign of easing at all. This is concerning, because the most recent lower high is dangerously close o the support zone breakout. If the horizontal support zone is broken, Bitcoin will stay in a downtrend for a very long time.
Price needs to make a decision. It will now either:
- Come into the horizontal support zone, pick up some momentum and bounce to the upside, either hitting side-wards resistance again, or if lucky, break out, retest the side-wards resistance as a new support and then go to the upside.
- Bitcoin breaks below the horizontal support zone, retesting it eventually as a resistance before we're going to the downside even more. Had this happen, Bitcoin is surely staying down for some time.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
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Thank you for your support.
Price needs to make a decision. It will now either:
- Come into the horizontal support zone, pick up some momentum and bounce to the upside, either hitting side-wards resistance again, or if lucky, break out, retest the side-wards resistance as a new support and then go to the upside.
- Bitcoin breaks below the horizontal support zone, retesting it eventually as a resistance before we're going to the downside even more. Had this happen, Bitcoin is surely staying down for some time.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I never ask anything from my supporters, but I do have a small favour to ask of you guys... If you see comments in the comments section that are trolling/insulting to me, or any other person who's contributing to the comments section, then please Flag/Report their comments right away so we can get rid of people that aren't contributing to this site in a good way. Let's work together to make this site a better place for everybody. :-)
Please leave a LIKE and FOLLOW. I'd really appreciate it.
Thank you for your support.
Note
Still weak at the bottom support. Nothing to see yet. Analysis stands perfectly. We're clearly at a key technical level and up or down from here is a big deal.Thanks for everyone supporting the channel by flagging bad comments, seen some major offenders get banned for 3 days. We're smashing it! :-)
Please leave a LIKE. I'd really appreciate it :-)
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