Today I'm gonna write on current market condition and technical analysis of bitcoin's price.
Recently there comes a news telling that there will be no segwit2x fork on bitcoin. Right after the news Bitcoin Jumpd up to $7901 level. But right now we are seeing some downward momentum in the price. Why is that?
Take a look at the chart below.
I drew a fibonacci level from 6185 to 2973 level. You can see that the price is falling form 7412 level where there was a fibonacci extension level 1.382. And the price also created a long pin on that level, confirming that there was more seller than buyer on that level. And today it is creating a big bearish bar confirming that seller is pushing the market down.
So, we might see downtrend till $6185 level reaches where there is a potential support zone.
So, if you are planning to go long in Bitcoin this level could be promising. What do you think guys?