Traders are watching for psychological support at the $9,500 level to maintain the bull market. But 9,180 is the major support level to be wary of. A breach below this price accompanied by a surge in volume could signal a significant downtrend.
Major resistance points are at the Fibonnaci retracement levels of $12,00 and $13,700.
Failure to break through either of these support or resistance levels within the next few months could indicate BTC/USD is entering a period of consolidation. For now, it’s too soon to tell. The Average Directional Index is indicating a weak trend, and while BTC has been making lower highs, it hasn’t been making lower lows. This is a good sign for the bulls overall.
In my view, BTC under $12,000 is an obvious buy, and under $10,000 is a super buy. If the support levels mentioned are breached in the near term, however, it may be wise to wait for a bottom before acquiring any additional coin.
Major resistance points are at the Fibonnaci retracement levels of $12,00 and $13,700.
Failure to break through either of these support or resistance levels within the next few months could indicate BTC/USD is entering a period of consolidation. For now, it’s too soon to tell. The Average Directional Index is indicating a weak trend, and while BTC has been making lower highs, it hasn’t been making lower lows. This is a good sign for the bulls overall.
In my view, BTC under $12,000 is an obvious buy, and under $10,000 is a super buy. If the support levels mentioned are breached in the near term, however, it may be wise to wait for a bottom before acquiring any additional coin.
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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.