Bitcoin Update (2018/11/16) - Will we see $3K this year or even lower???

The last time Bitcoin RSI was this low was on 16 August, 2015...

RSI is turning around on the daily and sitting at 20, which would indicate a strong short-term buy signal for playing a bounce, this can however be a risky move seeing that the previous support levels have been broken.

Ichimoku Cloud: Strong bearish trend

200 EMA: $6,986 (R) Upper Bollinger band sitting at $6,839
50 EMA: $6,435 (R)
20 EMA: $6292 (R)
Moving Average: $6,227 (R)

$5,800 support broken with price sitting below the lower Bollinger band

New support levels at $3,200 - $4,200 region if Bitcoin continues to drop further over the next couple of days/weeks.

Besides for the drop and broken support, at least we are seeing an increase in volume and some volatility return...

Looking at the the monthly, it looks clear that Bitcoin still has a lot of ground to cover on the downside before building upwards momentum again, but will the $5K and $4K regions hold strong? We will have to wait and see!

In Conclusion

With the $5,800 support broken and now acting as new resistance it might be best to wait and see what happens over the next couple of days, perhaps with laddered buying orders in the $3,200 - $4,200 range, however buying Bitcoin under $6,000 is still a great deal in my opinion, but if it drops lower you can accumulate more :)

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