Here's my latest analysis on BTC/USD. The latest daily snapshot is shown below:
The Bitcoin price has been having a struggle since the start of the year. I've extended a downtrend line from it's very peak at $19,500 on Dec 15, 2017. From the chart, two touch points can be seen as attempts to break above the downtrend line -- the first on Jan 7, 2018 and the second on March 3, 2018. Both occasions caused their respective preceding rally to stall and subsequently head lower. Hence, it would be good to see price break above this downtrend line. This would indicate a break from the continuous downward move and hopefully permanently stall the downtrend.
From the current momentum however, the $6,000 support level looks within reach, although price has held the $6,600 level as support quite well in recent days. In fact, for the past 5 sessions, we've been trading on a very tight range between $6,600 and $7,200.
The first major resistance would be the $8,000 level.
Have a great day ahead! And as always, trade carefully everyone.
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView
Nice straight lines, going to 10k!
Thanks for reading @btcmillionaire. All the best on Bitcoin pricing! Personally am optimistic on the future of Bitcoin as well.
You got a 83.89% upvote from @minnowfairy!
Suppoman has a lot of subscribers on YouTube and he keeps talking about the high 5800 level using the same TA that you are showing. I can't help but wonder if the TA will be a self-fulfilling prophecy. I hope that it doesn't and that we get through the US tax filing and the futures expiration on the 17th and 18th and make a big run up from there.
Hi @cryptocoinkb, thanks for sharing your thoughts. Personally, I am not really a firm believer of TA being a self-fulfilling prophecy. I think TA is a means to help you understand how we got here, but beyond this, anything can happen (meaning the self-fulfilling prophecy can happen or it can also not happen). I do try to make my analysis in an objective manner solely from what the chart shows. Thanks for adding the points about US tax filing and futures expiration. They're a big help to understanding the fundamental landscape that we're in now with Bitcoin. All the best!
Thankd information about bitcoin. Its very important for understood
Thanks for reading @steemitalhaq. Just remember these are just my opinion, and not meant to be a recommendation or advise. Please do your own due diligence if you want to trade.
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Hi @technerd888
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