Bitcoin Turning Back Down
Dear Steemit friends,
Since late June, bitcoin has risen from around $6000 to about $8400. However, over the last few days it has managed to drop down to $7500. It appears that bitcoin is failing to break above the resistance around $8500.
Over the next few weeks, if bitcoin trends down towards $6000; it might even break below that. History shows that the more often a given support area is re-tested the more likely it is to be broken. Bitcoin has already visited the $6000 area three times: (i) early February, (ii) early April, (iii) late June.
The question is, what is the next support level below $6000? Going back to Sep 2017 highs and Nov 2017 lows, the next support level is at around $5000.
I feel that there is a high likelihood that bitcoin will drop below $6000, however, time will tell. How do you guys think, will bitcoin break below $6000 by Oct 2018? Share you opinion in the comments, and I will be glad to upvote the meaningful ones.
I hope bitcoin break above 200 moving average.
Bitcoin will still bleed further. As of now, I'm expecting BTC will bounce back and retest 7900-8k range.
And once again go to even lower value (expecting 4500$) until the new big players come into the market.
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