General Price Actions of Bitcoin -- 2nd January 2018
BITCOIN PRICE ACTIONS:
Bitcoin dominance is in downtrend as on 2nd January 2018. Bitcoin dominance is 36.2% only.
Bitcoin is going through a consolidating phase with the upper price level of $14127 and lower price level of $12763 (as on Bittrex)
There are 3 resistance levels that Bitcoin should break through before we can see a good upward movement. The first resistance level is at $14127, second is at $15100 and the third is at $16525.
[Picture Courtesy : Bittrex]
The lower support level is at $11550. If the price of bitcoin falls below this, the price may fall to $10000, where there is a small support, or to $8200, where there is a very strong support.
It is the time to HODL Bitcoin. :) It should be a Buy call if the price of Bitcoin crosses $14250. It should be a Sell call if the price of Bitcoin goes below $12150.
Disclaimer: This is not a financial advice. The prices are generated by statistical interpretations. Please do study the market properly before investing.
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bitcoin prices will go up you should not be sold first
Yes. The prolonged the consolidation phase would eventually result in good upward movement. A good base is what is required and that is exactly what Bitcoin is doing - consolidating the price.