Road to the Moon for Bitcoin- A Technical Perspective Update 1 (11th Feb)
About a while back I posted an article speaking about the roadblocks Bitcoin may face as it tries going back higher towards it previous Highs. You may read that here if you haven't already to better understand this post:
https://steemit.com/bitcoin/@saleemlala/road-to-the-moon-for-bitcoin-a-technical-perspective
Continuing with the post, here is the First Update:
As you may notice from the Chart above, we have touched the First Resistance zone I spoke about in my first post which converged with the 1st Falling trendline. Respecting these 2 resistances which saw some good selling pressure, we came down about $900 and are still currently weak.
It must also be noted that we are facing resistance from the 200DMA which also falls in the zone of $8100-$8300. We have been congesting here for a while now and the buying weakness is visible.
In my opinion, we may drop down once towards $7100-$7300 zones before we start going back up to break through the mentioned resistance.
If you agree with my views & benefit from them, make sure to upvote & resteem. Please leave your comments as well with any suggestions and views you may have.
This is a good post, followed you so keep them coming.
Thank you sir :) My Second post here! Will keep trying to post good content :)