The wick of today's Bitcoin price candle has fallen significantly through the $610 level of the descending triangle. This is as expected given the weak volume.
At this point it will be important to see what happens should the price fall below the psychologically important $600 level.
Would expect some support between $540 to $560. Should those levels fail then some other support levels would be around $530, $500 and $460.
As you can see by looking at the indicators below the price chart, they have all declined. Premier Stochastic Oscillator has dipped below the zero line. BB Impulse reflects the stronger move down in price. MACD and the Vervoort Smoothed Oscillator are turning down.
Is should be an interesting day or two for Bitcoin as we wait and see how many people the drop in price will shake out. For now I am on the sidelines until I get a sense of how much further price will fall. Once I have a better sense of how low price might go I intend to be a buyer.
At this point it will be important to see what happens should the price fall below the psychologically important $600 level.
Would expect some support between $540 to $560. Should those levels fail then some other support levels would be around $530, $500 and $460.
As you can see by looking at the indicators below the price chart, they have all declined. Premier Stochastic Oscillator has dipped below the zero line. BB Impulse reflects the stronger move down in price. MACD and the Vervoort Smoothed Oscillator are turning down.
Is should be an interesting day or two for Bitcoin as we wait and see how many people the drop in price will shake out. For now I am on the sidelines until I get a sense of how much further price will fall. Once I have a better sense of how low price might go I intend to be a buyer.