Hello, dear members of LeoFinance!
In this post I will comment on the price chart of Bitcoin, by updating a little bit my previous analysis.
Yesterday, Bitcoin and the crypto market experienced a fast pullback, triggered by the news about the crypto exchange BitMEX. Nevertheless, as seen in the chart below, in the 4-hour time frame (4H), BTC/USD dropped to the support line and now is receiving some support from the bulls - the price of Bitcoin is still above that ascending line (and that's why I don't see solid reasons to panic):
In my view, if the bulls are able to defend the support line (green line) then the price of Bitcoin may rebound again up to the resistance line (red line) or approximately the level of $10,850 per one BTC, and another attempt to break out the resistance may follow.
However, if the bears continue to put pressure on the price, the bulls may lose the battlefield at the support line, a breakdown may occur and the price of Bitcoin may easily drop to the previous local low (approximately $10,150 per one BTC).
To be continue ...
So, fellow LeoFinancier, what do you expect from BTC/USD in the near future?
p.s. at the time of writing one Bitcoin costs $10,547.56 according to LeoFinance
A few words about me:
Just to let you know: I've been working professionally as a currency analyst for the last 14+ years, and as a cryptocurrency analyst for the last 3+ years.
Important!
Keep in mind, that thoughts expressed here are my own, and they should not be regarded as recommendations for any cryptocurrency trades, investments and etc.
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