(Basic Analysis) BTC Retesting strong supportThe next couple of days is critical for Bitcoin and for the entire Cryptocurrency market. Bitcoin has a chance to rebound to previous levels or collapse under the support causing the entire market to crash in value. As we can see BTC is testing historical support around the same area a golden Fibonacci line is present based on the start of the entire bull run.
Bullish Signs:
Buying Volume starts to increase not only for normal buyers but for whales
The price rebounds to $31,600 retesting the golden Fibonacci line and using it has support
Bitcoin in the upcoming weeks has lower lows and higher highs for longer timeframe charts
Bitcoin retakes the daily 20MMA and the 50MMA lines
Bearish Signs:
Selling volume starts to increase while buying volume is stagnant
BTC completely breaks through the $28,500 - $29,000 range
BTC continues to have lower highs to lower lows in the upcoming days/hours
What happens if BTC lost the last line of support?
If BTC loses the last line of support then it will not crash the price very quickly but will be the final indicator of proving that the bull market is over. If the support is broken the next historical support is around the $20,000 - 21,000 area, even if BTC takes months or years to hit regardless it's a good opportunity to buy in around those levels.
BITSTAMP:BTCUSD
