Speculations and Fear are working perfectly to bring BTC price down. This will help elite investors to benefit yet again on a market which was meant for everyone. In future mainly only super rich will hold BTC and we will not be able to buy them.
I will be buying more Bitcoin in range of $1250-$1500. Get ready for more shopping.
Bitcoin Price Breaks Down
This past week was mostly bearish for Bitcoin price, as it moved below the $2400 support area against the US Dollar. It seems like the pair failed to hold the same and settled below $2400. There was a sharp downside move, as the pair traded below the $2250 and $2100 support levels.
At the moment, the price is trading near another crucial support at $1900 - $2000. Buyers are struggling to hold $2000, which is why BTC remains at risk. The $2000 support is very important, especially a daily close above or below $2000. If the price manages to avoid a daily close below $2000, there are strong chances of a recovery. On the other hand, if there is a close below $2000, there can be more declines towards $1800.
On the upside, there is a bearish trend line at $2150 on the 4-hours chart. Moreover, the 38.2% Fib retracement level of the last decline from the $2396 high to $1958 low might also act as a hurdle near $2125. Selling rallies near $2125-2150 may be considered in the short term.
Looking at the technical indicators:
4-hours MACD (Moving average convergence divergence )– The MACD is heavily bearish and signaling more declines
4-hours RSI (Relative Strength Index) – The RSI is attempting a recovery from the oversold levels.
Major Support Level – $2000
Major Resistance Level – $2150
SOURCES: image here
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I have my btc in a Mycelium wallet and don't do anything untill after the events of the 1st of August have settled.
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So many bargains to be made during this major selloff
buy now and hold until everybody is convinced, once again, that bitcoin will make them rich, that is the time to sell.
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it all about patient.i cant sell off now instead i will buy more
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