[ Trading ] Bitcoin had a big down turn yesterday, but where is the bottom?

in #trading6 years ago

Bitcoin has been in sideways consolidation for a couple of days now but yesterday it made a clear breakout to the downside. So now we need to have a look at support levels to determine how low we can go.

Support at $7855 broke as well as support at $7690. I think the next support is $7340.

My bots are on pause now until I think we have seen the bottom. I would like to see we make a higher high above June low of $5900 so that we can have another Bull run to above $8700

Here is Dan from the Chart Guys with his take:

Unfortunately, the Alts breakout to the downside with Bitcoin. I was hoping that Alts and Bitcoin will go opposite ways, but not.

Do you think support at $7340 will hold?

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Colin Brazendale

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25000$ at the end of this year

Wow, that would be great @knowladgeking!

Nobody knows, that is to far in the future. We need to read the charts.

Bitcoin must show us that the bear market is over first. A good start would be for bitcoin is to make a higher low from the June lows. At the moment we are still in a bear market and it is risky to trade against the trend @millionmoney

muy esperanzadora tu opinion yo tambien confio se asi 40.000


I think $7340 will hold. The Bulls want to break $7800 soon.

Bitcoin will rise soon

Yes I think so too, but consolidation is also good for Bitcoin.

Alts are married to bit coin can’t wait till they get divorced :)

LOL, same here. I think the Alts have fallen way to much and it is time for Alts to rise again @marcuswahl

We have finally seen a push in a particular direction today as price fell out of the consolidation range price created after rejecting the $8,600 region. After such a major market manipulation a pullback or sell off was inevitable. Price has since continue to trade below to support level of $7,800, looking to push lower towards the next support level of $7,200.

The 4hr chart shows that price was able to break and close below the previous support of $7,200. Price has also rejected the 200ema at this level which is another indication we could see price continue this push to the downside. If this bearish movement is to continue my short term target is to $7,200. This could be a positive in the long run by giving the market some time to breathe and also to potentially create a lower high.

Screen Shot 2018-08-01 at 8.16.20 pm.png

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