Dear Steemit friends,
Since late June, bitcoin has risen from around $6000 to about $8400. However, over the last few days it has managed to drop down to $7500. It appears that bitcoin is failing to break above the resistance around $8500.
Over the next few weeks, if bitcoin trends down towards $6000; it might even break below that. History shows that the more often a given support area is re-tested the more likely it is to be broken. Bitcoin has already visited the $6000 area three times: (i) early February, (ii) early April, (iii) late June.
The question is, what is the next support level below $6000? Going back to Sep 2017 highs and Nov 2017 lows, the next support level is at around $5000.
I feel that there is a high likelihood that bitcoin will drop below $6000, however, time will tell. How do you guys think, will bitcoin break below $6000 by Oct 2018? Share you opinion in the comments, and I will be glad to upvote the meaningful ones.
I hope bitcoin break above 200 moving average.
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Bitcoin will still bleed further. As of now, I'm expecting BTC will bounce back and retest 7900-8k range.
And once again go to even lower value (expecting 4500$) until the new big players come into the market.
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You received a 40.00% upvote from @brotherhood thanks to @myfinanceteacher!,
join on @brotherhood community on discord channel:https://discord.gg/3HZdaGk and share your post there.
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You got a 25.07% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @myfinanceteacher! Delegate us Steem Power & get 100%daily rewards Payout! 20 SP, 50, 75, 100, 150, 200, 300, 500,1000 or Fill in any amount of SP Earn 1.25 SBD Per 1000 SP | Discord server
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You got a 8.39% upvote from @joeparys! Thank you for your support of our services. To continue your support, please follow and delegate Steem power to @joeparys for daily steem and steem dollar payouts!
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You got a 24.00% upvote from @brupvoter courtesy of @myfinanceteacher!
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