Bitcoin Do We Have A Problem? - Finding Support at $30.7k
For folks new to the crypto market this on going "crash" is a scary time. For long time crypto market traders normal, potentially annoying while posing a great opportunity to average into Bitcoin.
Still do we have a problem? Is there more downside possible?
The answers are not yet and yes.
Bitcoin seems to have found support at the 0.5 fib. retracement (for now). Potential lower support levels are at $28k and $24k at the next respective fib. retracement levels.
And just to scare you $18k at the red line / baseline of the Bollinger Band would be possible too. While I find it very unlikely to retrace this far and below the 2017 all-time high.
On the daily the parabolic SAR shows a downtrend at the time of writing.
On the weekly the same indicator still shows an uptrend. So we are still okay territory and could even have an extraordinary rebound this week.
What would help this rebound this week is a close at / above the weekly upper Bollinger Band @ $~34.5k.
A $33k weekly close would already be mighty helpful to chase some bears away not to engulf last weeks candle.
Resistance up is for sure at $36.5k and $38k.
These are very dynamic times. With no guarantees but only probabilities.
Still do we have a problem? Is there more downside possible?
The answers are not yet and yes.
Bitcoin seems to have found support at the 0.5 fib. retracement (for now). Potential lower support levels are at $28k and $24k at the next respective fib. retracement levels.
And just to scare you $18k at the red line / baseline of the Bollinger Band would be possible too. While I find it very unlikely to retrace this far and below the 2017 all-time high.
On the daily the parabolic SAR shows a downtrend at the time of writing.
On the weekly the same indicator still shows an uptrend. So we are still okay territory and could even have an extraordinary rebound this week.
What would help this rebound this week is a close at / above the weekly upper Bollinger Band @ $~34.5k.
A $33k weekly close would already be mighty helpful to chase some bears away not to engulf last weeks candle.
Resistance up is for sure at $36.5k and $38k.
These are very dynamic times. With no guarantees but only probabilities.
