Bitcoin - How low will it go?

29 thg 6

Looking at BTC on the daily chart, we see price is moving downward within this channel. Buyers are currently unable to make a sustained break through of the ~$62,000 resistance level.

If price continues its downward movement, I will be looking for opportunities within the marked potential buy zone.

If price breaks above the channel, I will wait for confirmation to go long for a short-term move upwards until further data is available.

What are your thoughts on Bitcoin?




BTCUSD

3 thg 7

Ghi chú

Bitcoin attempted to break out of the channel but sellers brought it back in

5 thg 7

Ghi chú

Looks like btc had a false breakout of the channel and re-entered it violently. Current price is right above the PBZ. Waiting to see if it will enter it or stay right above it.

5 thg 7

Ghi chú

BTC has hit the bottom of the PBZ zone which is also at the bottom of the channel.

5 thg 7

Giao dịch đang hoạt động

Due to the extreme high-risk of this play, I will keep my stop-loss tight in case further downside is ahead. In that case I will reevaluate the situation.

5 thg 7

Ghi chú

Potential targets

7 thg 7

Đóng lệnh: đạt mục tiêu

Decided to secure profits as price is at the top of the channel now.

2 thg 8

Ghi chú

Looks like bitcoin created a double top on the daily chart and is moving its way down. If price continues downward I expect a retest of the major support level (yellow line) which also happens to be the 50% fib retracement.

If it breaks below that, I would expect price to retest the 38.20% fib level which is around ~60,500.

Good luck.