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BTCUSD Technical Analysis

Discussion in 'Expert Level' started by Arpit, Dec 8, 2018 at 4:58 AM.

  1. Arpit

    Arpit Moderator Premium Member

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    Welcome to the BTCUSD Analysis. Let's get straight into it. Looking at the 1D chart of BTCUSD, we can see that we can see a bear flag been broken. The price has broken the $3500 level. We can see a psychological support at $3000 where many serious buyers are waiting and hence we can see some bounce from there.

    Seeing the current price of BTCUSD, mining is no more beneficial and hence we can see many miners going off. Any break in the Bitcoin network would lead to the further price decrease.

    We have our next support at around $2960.5 which has been a previous resistance. Some bounce can be seen from $3000/$2960. Any break below this price can lead us to see $1915. A fundamental breakdown would accelerate the panic selling.

    The market is very bearish and market capitalization is going down as people seem to be losing belief in Virtual Currencies. However, let's not forget, FII take advantage of this particular time.

    Don't FOMO. Hold on and wait for updates. But as per technicals, we can see a further fall in the prices of BTCUSD.
  2. cryptodude

    cryptodude Master of Crypto Staff Member Super Admin Premium Member

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    Agreed, there will likely be a bounce up at $3k

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