In light of the negative news background around bitcoin, the price broke below the major support of 8000.0 and went down.
News, which should be monitored:
We will not consider the 7000.0 level as a support because of high downward momentum and high importance of the 6000.0 point for the bitcoin.
There is a consensus that if the bitcoin price falls below the 6000.0 dollars, the profitability of miners will drop to the crucial level, so we believe that it will not be possible to overcome this threshold so simply.
In sum, the market looks bearish, we have a support zone 6000.0 - 8000.0, which should be considered as buying point if the price will show rebound patterns and gain fundamental support.
200 days EMA should be considered as one of the resistance points, signaling Buy in case of a breakthrough.
News, which should be monitored:
- Bitcoin purchases with credit cards in USA
- Bitcoin purchases with credit cards in UK
- China blocks Bitcoin
We will not consider the 7000.0 level as a support because of high downward momentum and high importance of the 6000.0 point for the bitcoin.
There is a consensus that if the bitcoin price falls below the 6000.0 dollars, the profitability of miners will drop to the crucial level, so we believe that it will not be possible to overcome this threshold so simply.
In sum, the market looks bearish, we have a support zone 6000.0 - 8000.0, which should be considered as buying point if the price will show rebound patterns and gain fundamental support.
200 days EMA should be considered as one of the resistance points, signaling Buy in case of a breakthrough.