This is a follow up analysis of my previous Bitcoin analysis (See related ideas below for information regarding this). Price failed to stay above 6720 and closed below this level, therefore giving a bearish sentiment for the time being.
Price is currently trading at a horizontal support level between 6430 and 5910, and looks weak. There is multiple bear candlesticks at this horizontal support zone implying we could get more downside here if it does not bounce within this zone. There is a lower zone between 4980 and 4470 if price fails at this level, which could be a potential level to be a buyer.
As well as the horizontal support levels that are struggling, there is also a side-wards resistance level that could continue to keep price down, had price attempt to rally to the upside.
Bear in mind that price looks weak, and I doubt it'll have any large upside soon.
A sidenote: Anyone who trades only Cryptocurrency is going to have a difficult month at minimum, and could be longer. This is why everyone should also trade FOREX and equities also, to avoid you taking losses unnecessarily by relying on a single coin, being Bitcoin for your profits. If you only trade one coin that brings every other coin down, how will you ever expect to make money? If the market downtrends for a long time, you're stuck in the mud as long as big money wants you to be. A highly unintelligent way to trade.
Please leave a LIKE and follow. I would really appreciate it.
Price is currently trading at a horizontal support level between 6430 and 5910, and looks weak. There is multiple bear candlesticks at this horizontal support zone implying we could get more downside here if it does not bounce within this zone. There is a lower zone between 4980 and 4470 if price fails at this level, which could be a potential level to be a buyer.
As well as the horizontal support levels that are struggling, there is also a side-wards resistance level that could continue to keep price down, had price attempt to rally to the upside.
Bear in mind that price looks weak, and I doubt it'll have any large upside soon.
A sidenote: Anyone who trades only Cryptocurrency is going to have a difficult month at minimum, and could be longer. This is why everyone should also trade FOREX and equities also, to avoid you taking losses unnecessarily by relying on a single coin, being Bitcoin for your profits. If you only trade one coin that brings every other coin down, how will you ever expect to make money? If the market downtrends for a long time, you're stuck in the mud as long as big money wants you to be. A highly unintelligent way to trade.
Please leave a LIKE and follow. I would really appreciate it.
