Here's my latest analysis on BTC/USD. The latest daily snapshot is shown below:
The Bitcoin price has been having a struggle since the start of the year. I've extended a downtrend line from it's very peak at $19,500 on Dec 15, 2017. From the chart, two touch points can be seen as attempts to break above the downtrend line -- the first on Jan 7, 2018 and the second on March 3, 2018. Both occasions caused their respective preceding rally to stall and subsequently head lower. Hence, it would be good to see price break above this downtrend line. This would indicate a break from the continuous downward move and hopefully permanently stall the downtrend.
From the current momentum however, the $6,000 support level looks within reach, although price has held the $6,600 level as support quite well in recent days. In fact, for the past 5 sessions, we've been trading on a very tight range between $6,600 and $7,200.
The first major resistance would be the $8,000 level.
Have a great day ahead! And as always, trade carefully everyone.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
