As I had written in my article here, I had expected the price of the BTC/USD pair to drop to $7,800, mainly because of the overall lack of strength on the market.
The lack of strength on the market is the most relevant indicator at this point and goes beyond any technical analysis. Nevertheless, if you look at my chart, you can see when (February 2018 and April 2018) and where ($6,600-6,800 range) the last two bull runs have occurred. You can see that $7,800 is acting as support that once broken will see the BTC/USD pair go down to $6,000 where it could bounce from for another bull run.
The other scenario is that the $7,800 support holds and we could see a bounce from here to $9,100. So far that support is holding and I will open a long position if the market strengthens. Failure to strengthen will confirm the first scenario and I will open a short position.
My analysis is far from being prophetic and is only a trend estimate.
I would appreciate your feedback and your vote very much.
Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.
For Educational Purposes Only.