Well, today was among the most boring days in the history of Bitcoin. BTC had been trading sideways for quite sometime with some short pump and dumps. This increased the volatility but not the price or volume. Volume is resting at $12.7 Billion which is quite low for Bitcoin to trade on either direction. Market capitalisation has gone under $230 Billion while BTC dominance has risen to 49.0%. That means everyone is trading in Bitcoin and Alt coins are bleeding as usual.
So, how Bitcoin could move in possible future?
Is there any Big move coming next?
Well, let's discuss this with the help of chart:
As we can see in the chart above, Bitcoin is trading sideways for almost 2 days today. Volume is declining which indicates sideways trading for a while before any big move is coming.
So, let's discuss all the possible scenarios of BTC movements:
- If Bitcoin goes Bullish from here, then first resistance would be $6620 and then the most strong resistance would be $6800. Although, there are very less chances of breaking $6800 resistance.
- If Bitcoin goes down from here, then first support would be $6300 and then $6150, which it needs to hold otherwise we would falling in June's low i.e. $5755
- Volume indicates sideways movements.
- High Trading Bots in action, so trade with caution.
- Use stop loss for each of your trade.
If you understand Hindi language, please watch the below video. Its BTC technical analysis by Trading Profits.
Thanks for reading and watching.
Just looked at the chart for 24 hrs and it looks like it fell off a cliff..... So I just bought more :)
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