Warning-unsustainable price of Bitcoin-drop below 5.000 $
Updated
Regardless it rebounced from 6.000 level and regained 2500 in value, Bitcoin showed many sign of weakness so far,
on the first place after rebouncing from 9300 back to 11,700 none of the candles weren't closed near that price (prices were closed at 11.000 level, that means he can not pressure that price range trying to form his price on higher level, because, on the first place, things were downtrending back then while rebouncing in a chanel (9300-11700) as they are now.
When Bitcoin needed to show strenght and confidence (in a scenario of healthy rebounce from 8200 level that did not happend, it just continued to drop further IGNORING 8000 level and going easy to 6000 level which is one more sign of serious weaknes at this point, therefore, my opinion is that Bitcoin will continue to drop further even below 5000 level. Do not be suprised if you see price of Bitcoin around 3000 level (let's say) 10 days from now (we are just speculating, it's my personal opinion).
Anyway, having in mind that Bitcoin is worth over 8000 now, common sense says that this main support (8200 level) could possibly "hold" above this value for a couple more days (while rebouncing over 8000 level).
If manages to handle so, Bitcoin will "let" your altcoin to grow stronger over Bitcoin (if remains stable on 8000 level), but
you should remember that 8200 level has been TESTED and FAILED TO HOLD in the moments when Bitcoin had downtrend to all the way down to 6000 level.
Considering it was healthy rebounce, it may hold on there levels for a couple of more days, but it will certanly continue to drop further.
Think about buyback around 3000 level, not now, don't let your self sink with Bitcoin 4th time in a row.
This could possibly be the good timing for altcoins as stated earlier, but this Bitcoin is "unhealthy" and it could drop any time soon (we are speculating, but it doesn't seems reliable at all) as we speak.
on the first place after rebouncing from 9300 back to 11,700 none of the candles weren't closed near that price (prices were closed at 11.000 level, that means he can not pressure that price range trying to form his price on higher level, because, on the first place, things were downtrending back then while rebouncing in a chanel (9300-11700) as they are now.
When Bitcoin needed to show strenght and confidence (in a scenario of healthy rebounce from 8200 level that did not happend, it just continued to drop further IGNORING 8000 level and going easy to 6000 level which is one more sign of serious weaknes at this point, therefore, my opinion is that Bitcoin will continue to drop further even below 5000 level. Do not be suprised if you see price of Bitcoin around 3000 level (let's say) 10 days from now (we are just speculating, it's my personal opinion).
Anyway, having in mind that Bitcoin is worth over 8000 now, common sense says that this main support (8200 level) could possibly "hold" above this value for a couple more days (while rebouncing over 8000 level).
If manages to handle so, Bitcoin will "let" your altcoin to grow stronger over Bitcoin (if remains stable on 8000 level), but
you should remember that 8200 level has been TESTED and FAILED TO HOLD in the moments when Bitcoin had downtrend to all the way down to 6000 level.
Considering it was healthy rebounce, it may hold on there levels for a couple of more days, but it will certanly continue to drop further.
Think about buyback around 3000 level, not now, don't let your self sink with Bitcoin 4th time in a row.
This could possibly be the good timing for altcoins as stated earlier, but this Bitcoin is "unhealthy" and it could drop any time soon (we are speculating, but it doesn't seems reliable at all) as we speak.
Trade active
BItcoin is trying to maintain value, trying to rebounce in a channel (7800-8400) level.I'm aware that people are celebrating and talking about some big return of Bitcoin.
I dont think that's gonna happend, (even if it regains value on some higher level, i personally dont think that is going to happend), we will see, i doubt.
This Bitcoin is still unhealthy, it just sinks to 6.000 level and regains value, that was healthy rebounce, i agree, but, it's still very unstable, it could maintain value in described so called "channel", but it will imminently fall to lower levels.
5400 level would be next Bitcoin price, then it could regain value and restore on some higher levels (7400-7500), but after that level, my opinion is that is going to 3000 level.
I will update analysis when needed, but from this point, we should pay attention when Bitcoin will brake lower trend and continue with downtrend.
Remember, downtrend hasn't finished yet, regardless how nice picture looks like, because, Bitcoin needs to sink on the first place, so it can build HEALTHY price further on.
Related publications
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.