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BITCOIN downtrend - support zones below

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Any ideas of where Bitcoin will end up?

 

It really is anyone's guess as Bitcoin may not follow conventional wisdom when it comes to charts and technical analysis.

 

From a technical perspective, the Bitcoin price went down lower after going below a short-term triangle consolidation pattern. At the time of writing the price is $7900 and is testing support level at the bottom of its falling wedge pattern which you will be able to see on the 4-hour charts. I tend to favour the 4-hour charts but this is personal preference. I know some prefer others. There is a suggestion that Bitcoin may test the $10,000.00 mark but I am not so sure it will anytime soon unless there is a mammoth bounce.

 

From a trend following perspective, the moving averages clearly suggest there could be further downside. Also some of you may have noticed the gap between the moving averages is widening. This to me shows stronger selling pressure. If you use the moving averages tool on IG's platform then you will see that the 100 day moving average is still below the 200 day moving average. Now this to me suggests that they may be more selling before any reversal. 

 

I think due to the negative media stories it has caused more and more people to physically sell their holdings. This in my opinion has amplified the sell off.

 

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, I tend to agree at this stage.

 

I think the way the price action is behaving on Bitcoin then $6,000's is a strong possibility. I think it may even touch the latter $5,900's. 

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I have been trading Cryptocurrencies since Bitcoin was around the $2000 levels and I must admit that this correction feels a lot larger than all the previous and more violent in its speed. 

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