The sharp decline in bitcoin over the last few days has turned price less overbought, and as long as we trade above the October 25 low of 5370, I suspect traders might see the current pullback as an opportunity to buy bitcoin. The price of bitcoin might rise to the 7450 level as long as we trade above 5370.
However, on a break to the 5370 low, I suspect we might see a steeper decline as traders might target the next support level at 4457.
Follow me here on tradingivew and on twitter for more ideas like this.
Please note that trading crypto coins might lead to more losses than your deposited money and that this is just my personal view on the market and not a recommendation.
However, on a break to the 5370 low, I suspect we might see a steeper decline as traders might target the next support level at 4457.
Follow me here on tradingivew and on twitter for more ideas like this.
Please note that trading crypto coins might lead to more losses than your deposited money and that this is just my personal view on the market and not a recommendation.