Can Bitcoin Bounce Off These Key Support Points??
Updated
According to the 12/Hour chart: The RSI is around 30, which is pretty low. And Bitcoin is currently on the 13th candle; which could be could news for Bulls since Bitcoin is also at 2 key support points (the red lines).
If Bitcoin can't hold the support around $6870, the next support line will be around $5540.
The 6/Hour Chart:
The Daily Chart:
The Weekly Chart:
If Bitcoin can't hold the support around $6870, the next support line will be around $5540.
The 6/Hour Chart:
The Daily Chart:
The Weekly Chart:
Note
The 6/Hour Chart:As you can see below, Bitcoin is currently on a green '1' candle -- sitting directly on the 2 support lines I previously pointed out.
Now let's look at Bitcoin's 4/Hour Chart:
Bitcoin is currently on a green engulfing '2' candle. The '2' candle opened above the previous '1' candle around $7013.00.
At the time of this writing the price is $7028.
Bitcoin must maintain it's price along the pinkish-red support lines, as shown in the charts. If Bitcoin fails to maintain it's current support at this level -- The next support level is around $5500.
Note
Bitcoin couldn't sustain support. It fell below my two support points. The first support point (red candle 2) at $6975, and the second support point (red candle 3) at $6880. I'm officialy bearish at the moment.THE HOURLY CHART:
THE 6-HOUR CHART:
The daily chart is giving us a red '8' candle- almost completing a typical trend of 9 candles, meanwhile, the 12-hour chart is giving us a red '1' candle at the same time- POSSIBLY signaling a new downtrend.
**But keep in mind when using the TD-Sequential counting system, bitcoin doesn't always complete a 9 candle cycle/trend.
THE 12-HOUR Chart:
THE DAILY CHART:
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