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RE: Bitcoin Market: Bitcoin to $7200?
Another red day on the charts as price fell through the $8,330 level.. I believe price will continue to fall over the course of the week and test the $7,870 region!
Hi Steve, why $7,870 specifically? :)
Below I have placed arrows at each point in the market where the price of bitcoin has found support or resistance at this level. This level is the next zone for Bitcoin, we may see price turn around and retest the $8,330 level but if we cant close above this level we will see a move towards $7,870. There is a minor level between where price currently is and the $7,870 level at $8,100, if we close below that we will see price at $7,870 shortly after. I hope that helps!
I like that @stevewakeham332, yeah I agree with your levels, notice that if you combine price action with volume profile you can get a better idea of the strength of a particular level, in this case the $7,800 level seems very weak and it's unlikely the price will auction there for long, if we break below that we'll probably zip down to $7200 through the volume well:
Thank you very much! I dont normally take into consideration of levels when considering levels and the strength they hold! I definitely agree with that you've said and will 100% adding this to my future analysis, thank you!
My pleasure, thanks for your insights :)
My pleasure, I cant wait to continue to follow your blog and connect with you!