Bitcoin (BTC) Evening Update: Price is Sitting on Lower Bollinger Band & Upper Trend Line Support
During today's price action, Bitcoin (BTC) briefly pierced the upper white trend line and came back out. To many, this could be perceived as being real bad indication of lower lows to come. While lower lows are feasible; a perspective from buyer/seller tug of war can often help. When price temporarily pierces a strong support, many weak holders freak out and sell in panic thinking that the end of the Bitcoin era has arrived. Such is the process of divesting of weak hands and why price quickly comes back above the pierced support. Price is currently sitting on the support line. Let's see how the overnight price action follows.
The below shows the Bollinger bands and price is now sitting on the lower 2 Std Dev bollinger band and the upper white trend line. IF price does decisively breakdown; then the blue line and the purple line are the potential landing zones to consider. BUT! We're not there as of now and so, until the lower bollinger band and the upper white trend line support are busted down; the primary as shown by the first chart remains. Cynics will call this wishy washy but the informed will understand it at a higher level.
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