Hey guys,
Indeed, this was a harsh week with lots of news significantly affecting the entire cryptocurrency market. Though, according to the technical analysis the downside is limited and reversal is almost here. If you take a closer look at the BTCUSD chart you will see that the price has touched both the 38.2% extension and retracement lines $8330 ( which suggest a very soon reversal bouncing off this level. However, the structure leaves clues and tells us that the price can drop further way down to $7900 (Local support + previous historic resistance level exactly at this line) before it takes off. RSI is oversold which indicates an upcoming reversal.Though, Aroon Down still prevails. MACD is in the negative zone but once it breaks the line above - the reversal is here! At the moment BTCUSD is testing the fibonacci area and the bounce off of this level is very possible (notice that it has already bounces off a little bit).
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!
Indeed, this was a harsh week with lots of news significantly affecting the entire cryptocurrency market. Though, according to the technical analysis the downside is limited and reversal is almost here. If you take a closer look at the BTCUSD chart you will see that the price has touched both the 38.2% extension and retracement lines $8330 ( which suggest a very soon reversal bouncing off this level. However, the structure leaves clues and tells us that the price can drop further way down to $7900 (Local support + previous historic resistance level exactly at this line) before it takes off. RSI is oversold which indicates an upcoming reversal.Though, Aroon Down still prevails. MACD is in the negative zone but once it breaks the line above - the reversal is here! At the moment BTCUSD is testing the fibonacci area and the bounce off of this level is very possible (notice that it has already bounces off a little bit).
Please REMEMBER that I give you my observations, you form your own opinion and trade it accordingly!
Please NEVER forget to do your own research before considering any investment. Fundamental analysis is also crucial so you have to read the news, updates and about the upcoming events related to a particular blockchain project.
Hope you will find my analysis useful! Stay safe ----> Hedge ----> Diversify ----> Be cautious! - Together we will beat the market!