Jump to content
Sign in to follow this  

BITCOIN downtrend - support zones below

Recommended Posts

update                             Capture jip.PNG

Share this post

Link to post

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.


Share this post

Link to post

, 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. 

Share this post

Link to post

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. 

Share this post

Link to post

Join the conversation

You are posting as a guest. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

You are posting as a guest. If you have an account, please sign in.
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Member Statistics

    • Total Topics
    • Total Posts
    • Total Members
    Newest Member
    Joined 17/10/19 07:35
  • Posts

    • yes, keep away from ftse and gbpusd until brexit is sorted, yesterday was deal done, then last night no deal, then this morning deal done at 2am news released about half an hour ago, that's why it's all over the place. look at these dax and ftse HA M5 charts.  
    • Dax moving up to test yesterday's highs, Dow powers up to the pivot, if Dow can break the pivot Dax should see R1 H1 charts;
    • Not got anything out of the market today either. Gonna look for new strategies, different assets, different timeframes, ... Any suggestions welcome. Also probably back to Demo for a while.