Where Will Bitcoin Find Support?
The BTC price broke down below the $7750 support area that had been offering support over the past three days. In addition, this was the main resistance area throughout August-December 2019, a breakout above which preceded the entire upward move to $13,764. Therefore, it is a major support area and its loss is a major bearish development.
The price has reached the minor support area at $7400, which was the catalyst of upward moves on October 2019 and January 2020. However, it is likely not sufficient to initiate an upward move, while the major support area is found at $7000.
The daily RSI is oversold but has yet to generate any bullish divergence, suggesting that the price might continue decreasing further.
There is a descending resistance line that was previously in place since August 2019. The price broke out from it on January 14.
The descending resistance line is currently at $7200 and will coincide with the $7000 support level on March 15. If the price bounces on it, it is likely to range trade for a while prior to breaking out eventually.
Therefore, the likeliest place for the price to bounce would be at $7000 on March 15.
The price has reached the minor support area at $7400, which was the catalyst of upward moves on October 2019 and January 2020. However, it is likely not sufficient to initiate an upward move, while the major support area is found at $7000.
The daily RSI is oversold but has yet to generate any bullish divergence, suggesting that the price might continue decreasing further.
There is a descending resistance line that was previously in place since August 2019. The price broke out from it on January 14.
The descending resistance line is currently at $7200 and will coincide with the $7000 support level on March 15. If the price bounces on it, it is likely to range trade for a while prior to breaking out eventually.
Therefore, the likeliest place for the price to bounce would be at $7000 on March 15.
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