Trying my hand at Technical Analysis: BTC at $6000 Levels. Might not be very accurate but it's not that bad. FEEDBACKS?

in cryptocurrency •  6 years ago 

Last week was pretty bad with BTC, ETH breaking supports and making new lows. Bears have been dominating quite a bit.

STUDY:
BTC was trading at $6491. As it was stated last time, breaking of support at $7330 on a daily chart will take BTC to $6600 and $6140 was actually tested today. The next immediate support for BTC is between $6000-$5800 range, which if broken will take BTC further down between $5400-$4800 range. On the upper side, BTC will face resistance between $6760-$6950 range & closing above that on a daily chart will take BTC to $7300-$7500 range.

I really wish we do not break the support. 5800 is a really strong support and breaking this can make it really hard for us to recover, whereas crossing the 6900 levels would give us good rally on the upper side.

I'm learning and not a financial advisor. Please DYOR.
And experts please give your opinion on this analysis.

cryptocurrency bitcoin charts analysis investing
6 years ago by

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