This week Bitcoin closed below a very key technical level. The blue trend line that originates from the April low around $900 has been a guiding formation in Bitcoin's run to $3,000.
The recent pullback has, unfortunately, seen Bitcoin break through this key level. As you can see this trend line has been tested many times, but Bitcoin has not closed below it since April of 2017. This is quite a development and should cause us as investors to analyze the coming trading days with extra caution and scrutiny, even if we remain bullish in the long term.
On a short to intermediate time frame, Bitcoin could head to test support at $2,470 or the $2,110. Regardless, it seems that we could be headed lower in the near future.
Either way, I will keep you posted.
Upvotes and Resteems appreciated.
TN Trader
Time to get more BTC soon it seems. :) Following...
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Nice blog post. Upvoted & Followed.
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Thank you!!
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Good analysis, but it's not just BTC, it's the entire crypto market. About $8bn has been taken out of the total market cap, so there's something going on. Bitcoin will probably test support at $2470 then rally back up into the $2700s and consolidate.
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Good one! upvoted & resteemed @roused
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Interesting. Bitcoin is definitly under pressure.
Upvoted & Followed.
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