Trend lines are in white, key fib levels are in orange. I'm seeing bitcoin/USDT move to a key low point.
Reasons:
1) 6,000 is an even number -- psychological
2) Bottom orange line is overlapped in multiple fibs
3) Current trend is moving down but has not been broken.
Looking for a further move down around low 6k in this bearish market with possible lower lows at 5k
Reasons:
1) 6,000 is an even number -- psychological
2) Bottom orange line is overlapped in multiple fibs
3) Current trend is moving down but has not been broken.
Looking for a further move down around low 6k in this bearish market with possible lower lows at 5k
Note
Additionally, there is a lot of negative news surrounding bitcoin right now. As we see more negative news coming out including banned exchanges, SEC regulations, banned advertisements on popular social networking sites, I believe we will see a significantly lower priced bitcoin.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.