Bitcoin Price Analysis - Moves To The Next Level Of Support
Key points:
- On the daily chart, you can see that bitcoin has formed lower highs and higher volumes. This leads to the formation of a triangle.
At the last testing of the resistance level, the price corrected down and moves further.
StochRSI is below the value of 20, and is not going to signal a new growth in the near future.
Now it can be noted that 100 MA forms dynamic support, however this moving average is below 200 MA, which symbolizes the continuation of the downward movement. There is a likelihood of leaving below current levels of support.
In view of the above, there is a strong probability of a rebound from the support level of $8000 and the return of the price to a level of $9000. This will only confirm the formation of the triangle.
In addition, the news background for the cryptocurrency industry at the moment is far from the most rosy. The ongoing investigation and raid on South Korea's largest cryptocurrency exchange caused great unrest in the issue of regulation and security threats. However, altcoins are attracting serious interest in buying, for example, ZCash will soon start trading on the Gemini exchange.
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