Bitcoin has been on a bearish trend for 8 weeks since an all time high of over $19,000 on 11th of Dec 2017.
On the weekly candle, a bearish engulfing candle was detected which indicates and continuous down trend on coming weeks which has come into play for the 8th week now. Traders who saw this signal and sold off at $14,000 minimum would be the happiest trader and wait for the big correction to complete its course and buy back.
As at time of writing, bitcoin is trading below $6800 and may break new low or bounce off the support line mention below.
Support level has been detected at $5,800, $3,600, $1,800 and $880. the price of bitcoin is expected to bounce of the support or break below the price.
According the MACD, the market is still extremely bullish on the weekly chart.
Kindly take caution while buying as the price will eventually go up as we are in the correction phase according to historical chart.
There is no cause for panic as the whole market including the stock market in also extremely bearish according to CNBC new the morning.
On the weekly candle, a bearish engulfing candle was detected which indicates and continuous down trend on coming weeks which has come into play for the 8th week now. Traders who saw this signal and sold off at $14,000 minimum would be the happiest trader and wait for the big correction to complete its course and buy back.
As at time of writing, bitcoin is trading below $6800 and may break new low or bounce off the support line mention below.
Support level has been detected at $5,800, $3,600, $1,800 and $880. the price of bitcoin is expected to bounce of the support or break below the price.
According the MACD, the market is still extremely bullish on the weekly chart.
Kindly take caution while buying as the price will eventually go up as we are in the correction phase according to historical chart.
There is no cause for panic as the whole market including the stock market in also extremely bearish according to CNBC new the morning.
steemit.com/bitcoin/...-update-6th-feb-2018