Bitcoin Breakout Soon?
Well, Bitcoin is trading around $5500 for last 3-4 days until it broke down from solid support of $6000. Volume is declining continuously. Market capitalisation is still below $200 Billion. Now, the question is: How soon we can expect a Breakout in Bitcoin?
Well, let's have a look at the chart to know all the possibilities:
As we can see in the chart above, we're still trading above $5400 (support level). Our next resistance is $5650 which we already tested once and rejected.
- Our next resistance would be 0.5 FIB level that would be $5800. Although, if Bitcoin breaks $5650, we can expect this level would also break.
- Our next resistance would be 0.618 FIB level and previous support range of $5900-$6000.
- We might still fall down to $5000 but the chances for it are highly unlikely as we're pretty much oversold on daily RSI levels.
So, trade with caution and until confirmation, do not open any trade. Use proper stop loss as well.
Thanks for reading ...!!