We see Bitcoin moving higher as long as it doesn't consolidate above key support at $8,500 however we are concerned of it's recent drop in the wake coronavirus outbreak as the cryptocurrency can be seen as a safe haven. Therefore, if Bitcoin consolidates below $8,500 we would expect the recent downtrend to resume and see prices moving towards the next support level at around $6,500.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.