cryptocurrency forum

BTCUSD Technical Analysis

Discussion in 'Expert Level' started by Arpit, Dec 8, 2018.

  1. Arpit

    Arpit Moderator Premium Member

    Messages:
    624
    Likes Received:
    51
    Trophy Points:
    43
    Credits
    25%
    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.


    [​IMG]
    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

    Messages:
    77,411
    Likes Received:
    85
    Trophy Points:
    258
    Credits
    100%
    Agreed, there will likely be a bounce up at $3k
     
  3. squadus

    squadus Contributor

    Messages:
    46
    Likes Received:
    7
    Trophy Points:
    8
    Credits
    40%
    The price of bitcoin will likely rebound soon.
     
  4. Arpit

    Arpit Moderator Premium Member

    Messages:
    624
    Likes Received:
    51
    Trophy Points:
    43
    Credits
    25%
    We were right with the prediction so far. $3,000 worked. We saw a $25% plus move.
     
  5. MAGA

    MAGA Master of Crypto Staff Member Super Admin Premium Member

    Messages:
    730
    Likes Received:
    274
    Trophy Points:
    83
    Credits
    46%
    Nice analysis, any update on where you see it going from here?
     
    Arpit likes this.
  6. Arpit

    Arpit Moderator Premium Member

    Messages:
    624
    Likes Received:
    51
    Trophy Points:
    43
    Credits
    25%
    Well I see a support at $3,000 odd level. The first time when market come to such significant points, it usually bounces back. If it comes again, the point becomes vulnerable and the more the number of times the market tests it, the more probable it is to break.

    We have a huge window.. from $3000-$6000. So as long as the lower level isn't taken out, the market is easy buy on dips. Everytime the price is down, buy. Sell 50-70% at 10-30% profit. Hold the rest for greater profits.

    That's how I see it at the moment.
     
    MAGA likes this.

Share This Page