Daily BTC/USD Support and Resistance!
Hey guys, I just re-plotted support and resistance levels on the daily chart for BTC/USD. I like to re-plot support and resistance every once in a while and just generally re-analyze what I believe the market looks like from a technical analysis point of view. Some days your thinking can be foggy and your analysis off, some days your analyse is on point and so I believe in scrubbing all your indicators from the charts and re-analyzing once in a while to see if your point of view has changed or not.
So, anyways, here are the Support and Resistance areas I have plotted for the BTC/USD pair on the Daily Coinbase Chart:
Now what does where price currently is in relation to the support and resistance levels, plus the lack of buzz in crypto right now say to me? Well I would expect price to fall a little more to at least the support zone just below the current price (the $9,900 level). This means I am not buying anymore of any crypto right now because as we all know by now, if Bitcoin falls the overall market of cryptos tends to fall with it.
The $9,900 and $8,000 levels are the support prices that I am looking to potentially buy more crypto at as illustrated below:
One thing I have to clarify is that I am not saying I am going to buy Bitcoin at these BTC/USD prices, but just that I am using these prices as a guideline for when to buy other cryptos. I am very bearish Bitcoin longer term for the reasons I outlined in this post (https://steemit.com/bitcoin/@investingtips/why-bitcoin-is-a-bubble-and-how-it-will-eventually-burst).
Let me know in the comments when you plan to buy more cryptocurrency, or maybe you are in HODL mode already?
Thanks for reading and if you follow me I will follow everyone back!
Legal Disclaimer: This is just my analysis and not to be taken as professional financial advice. Do your own research beyond what you read in my blog posts and make your own decisions based on your beliefs about what to invest your money in.
HODL & BTDF if drops under 10k$
How can you be bearish on a longer term ???? Only for btc or for all crypto ??? That's non sense to me ...
BTC > Gold
BTC > $
if not btc another coin will take the lead ...
BTC to 50k$ by end of the year, and 150$k by end of 2019.
I am bearish long-term on bitcoin and shitcoins only my friend. If the proposed updates to Bitcoin are significant enough and they work well then I would probably change my mind but until then its technology is dead in the water. $14.38 average transaction fee and 3.5 average transactions per second is just really rotten technology when you take into consideration that there are cryptos out there with almost 0 transaction fee and settle 1500 transactions per second.