Cryptocalypse Now... Bitcoin Bears having a Blast!When I woke up this morning and took a quick glance at some TabTrader charts it felt like the Crypto Apocalypse has been brought upon us. Bitcoin broke down below my sacred (bright red) August / September 2017 trend line and dropped to $6600. It bounced back up a bit to $7280, but at the time of writing BTC is testing the red trend extrapolation again at $6900.
1 day candles RSI is not touching oversold yet, leaving room to drop even further. All things considered it's looking pretty grim right now. If it fails the red trend line again I feel it will be very likely that Bitcoin bears have their mind set on testing the February 2018 low at $5873. Should it bounce up from $6900 it will test the orange channel lines and the dark red lines after. However for now I'm not getting any bullish vibes, so unless there is crazy positive, uplifting news incoming soon, I expect Bitcoin to descend into the lower 6000s soon.
You can use this chart to help you identify trend lines & support and resistance zones to monitor for a break in trend. Personally I only enter trades after I witness a break confirmation and set layered sells slightly below resistance targets.
This is not financial advice and my (fictional) future telling glass ball happens to hick up sometimes: you should never invest solely upon reading my or another persons TA and always do your own research: explore news, social media, white papers, tech info and so on.
Be extra cautious during these times of Bitcoin volatility, the market is twitchy and trends are easily broken at the moment so be sure to monitor your trades and set alerts and stop loss orders in place.
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Happy Trading! ~ Crypto JC
