What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
Continuing to keep a close eye on Bitcoin, price is currently in a free fall after hitting a side-wards resistance level at
At current, price is trading at 8801 after a strong down move from the peak on 5th March. Price had a correction after hitting a horizontal resistance at 11610 and has continued downward since. We are now watching for the key levels in this down move, where we can seek a buy opportunity.
Price has 2 support levels it can use for a bounce to the upside. First of all we have the 200 major moving average at 8770, which is around current levels. This itself is a reliable support IF price can find some momentum, in the form of reversal candlesticks. Secondly, we can keep an eye on the next horizontal support at 7100 for a bounce here.
If the 7100 lower support boundary is breached, we could see lows to as low as 4490.
I will update this analysis when I receive above 40 likes.
Here we are analyzing BTC/USD on the 1D chart.
Continuing to keep a close eye on Bitcoin, price is currently in a free fall after hitting a side-wards resistance level at
At current, price is trading at 8801 after a strong down move from the peak on 5th March. Price had a correction after hitting a horizontal resistance at 11610 and has continued downward since. We are now watching for the key levels in this down move, where we can seek a buy opportunity.
Price has 2 support levels it can use for a bounce to the upside. First of all we have the 200 major moving average at 8770, which is around current levels. This itself is a reliable support IF price can find some momentum, in the form of reversal candlesticks. Secondly, we can keep an eye on the next horizontal support at 7100 for a bounce here.
If the 7100 lower support boundary is breached, we could see lows to as low as 4490.
I will update this analysis when I receive above 40 likes.
