The cryptocurrency market bubble is continues to burst. Expect more pain ahead.
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Bitcoin is rolling over and has broken below its uptrend. This is an important line to watch, because bitcoin hasn't ever closed below the trend line on the daily time frame since it first started in July of last year. If Bitcoin closes today below the trend line it will be a historic break of the long term uptrend. I would advise extreme caution trading any cryptocurrency right now as there could be considerable more downside still to come!
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I expect Bitcoin to test its most recent lows at $6,000 and possibly breakdown to $5,000. If this were to occur, Bitcoin would be oversold. I could see Bitcoin bouncing off of the $5,000 level just like it did in early February at the $6,000 level. Buying at $5,000 could result in a really nice quick trade.
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Above is a possible graph of Bitcoins potential price action. Just because Bitcoin is dropping, does not mean that we cannot profit from the oversold bounces! :) Thank you so much for reading! Good luck! :)
If you have any questions about bitcoin or other cryptocurrencies feel free to comment or message me at nickh725 on steemitchat!
How can BTC "close today"? Crypto market is active 24*7!
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great question! you are right the crypto market is active 24/7! What I meant by "close today" is the daily candle. So each bar on the graph represents 1 day of trading activity in Bitcoin, and at the end of each day it moves to a new bar. If the current bar ends below the uptrend line it would be a negative sign for Bitcoin.
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Hmm, I guess it also depends on the timezone you are in.
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Unfortunately but fortunately as well I agree with you...
The giant falls but will get bought up quickly'
Nice post
thx!
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thank you so much! Yes people need to be careful not only in Bitcoin, but in the rest of the market. There is greater risk than reward in holding right now, but there will be more buying opportunities in the future!
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Real bummer for those of us not in the buying mode! Thanks for the outlook, I actually checked your blog before deciding what to do :-)
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thank you so much! that's a huge compliment! :) let me know if you have any specific questions on steemitchat! :)
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