Lower Lows Incoming?
Updated
Hello everyone,
Sorry for the late update, but BTC is working a little faster than we are.
Since our last post, price has fallen through our identified support levels, with a lot of selling volume at that.
On the chart. we've updated the next support levels that BTC will face on the way down, which aren't as much as the ones we've passed so far.
The purple trend-line is the next support level BTC faces, along with the 78.6% fib level in the same price range. These levels have proven supportive in the past; we've observed the purple trend-line holds as a support and causes BTC to bounce more often than not, but with BTC's current bearish behavior, one cannot be too sure of the support levels.
If those levels are broken, we could be facing a double bottom scenario, or even very possibly a new low from here. BTC is showing more and more selling volume as we progress.
We urge everyone to take caution when trading in these levels.
Thank you for reading!
Stay tuned for more updates.
Sorry for the late update, but BTC is working a little faster than we are.
Since our last post, price has fallen through our identified support levels, with a lot of selling volume at that.
On the chart. we've updated the next support levels that BTC will face on the way down, which aren't as much as the ones we've passed so far.
The purple trend-line is the next support level BTC faces, along with the 78.6% fib level in the same price range. These levels have proven supportive in the past; we've observed the purple trend-line holds as a support and causes BTC to bounce more often than not, but with BTC's current bearish behavior, one cannot be too sure of the support levels.
If those levels are broken, we could be facing a double bottom scenario, or even very possibly a new low from here. BTC is showing more and more selling volume as we progress.
We urge everyone to take caution when trading in these levels.
Thank you for reading!
Stay tuned for more updates.
Note
Here's a quick update on the 1hr chart. It seems the purple trend-line might be confirmed as resistance for now. If this holds true, we could see further downside movement to our previous lows of 6k-5.7k. Note
It seems resistance didn't hold. BTC is pushing higher now as the MacD is attempting a bullish crossover. There are still heavy resistance levels overhead, but if price manages to break above $6,900 we could see further movement up to the 7k range.
Note
It seems we have met our first resistance. The dashed line we've identified in our previous post has been acting as resistance for the past few hours. Although the MacD has made a bullish cross over, we have yet to break this resistance. The coming hours will give a better picture. Note
It seems BTC failed to break the dashed line resistance! We're falling towards the range outlined in the chart. Let's see if this level holds supportive now.
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