Bitcoin At A Critical Level !
Yesterday we had some pretty nasty price action in Bitcoin and just like that over 20B left the market just as fast as they entered it.. even faster. The thick red candle, which closed just under 6800$ is not a good sign.
One of the most important levels in the crypto world at the moment is 6800$. If you just take a look at the chart below you will understand what I mean. The last few times BTC managed to hold above the 6750-6800$ and it showed incredible strenght when it dipped below it. Unfortunately this level is once again under pressure and with this new wave of negativity surrounding the crypto-king it is extremely important buyers to step up their game.
The bad news is that if BTC breaks 6800$ the next stop (maybe) is 6k. I should add that I don't consider 6000$ a good support level. I think 5500$ can be considered more of a support level. The volume is also thin and the crypto hype is long gone. But to be honest the technology is improving and a lot projects are trying their best to innovate and eventually to bring blockchain to the masses.
Obviously the big race is regarding who can bring this technology to mainstream adoption . Whoever does this will be bigger than anyone else. I personally think that some more selling can be expected as I don't think that this chart looks healthy at the moment. Maybe all we need for the bull run to begin is a good dip below 6k.
What do you think ? Let us know in the comments below :)
Some pullbacks can occur. I think that Bitcoin found his equilibrium price and levels in range from $5k to $6k or $7k will persist until some major technology breakthrough will take traction. I bet on EOS and lightening network on Bitcoin blockchain will also deliver some bust. LT is beta already and some real applications will emerge in the next months.
I kind of feels like this. I am not sure for how long people will be happy to pay the 6-7k per btc, if the price is stagnant. All the people who are in for the quick buck will eventually sell their losition because it is not going up. Interesting. I think that we are headed for below 6k.
I was thinking we would see 5.4 or 5.6, but now I am not so sure. Some positive news has come around, we already made it to q2 and this is usually a good time for BTC and also the general vibe in the cryptospace is more positive that it has been. I think we might have actually bottomed, despite what the chart told me.
Who knows though? Like I said, I agree with your mindset and only time will tell I guess. Thanks for the post. Upvoted.
Thanks ! I hope you are right :) Chart looks ugly but a 10% day can surely make it look a lot better :)
goood
I think in Q3 2018,the prices will rise