After a period of time to be consolidated, the share price of a Bitcoin is a good move is made. The price fell yesterday by $8,000 in the direction of $7.300. Currently, the market is relatively stable, at around $7.400. That is, just below the strong support zone which has now been changed, it is in the end.
A breakout to the top, it is so difficult at the present time. The consolidation around this level would appear to be logical, but a further increase is not ruled out. However, it is not only bearish, as there seem to be too bullish of signals are in line of sight.
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Bitcoin analysis
With the break of the support zone of between $7,500 and $8,000 is a very important safety net has been eliminated. Down the road, there is very, very close, and it seems to be the most obvious way. The current retail price of $7.400 is right on an important support, before, in the course of a blow, you can get to in the direction of the to $6,000.
There is no bounce at the current level, it makes a further increase more likely. It seems to me that the bear market will continue.
Bitcoin daily chart-October 24, 2019Gekeken to the daily chart, we can see several important support levels are where the price is likely to go. In the first stage of what will be strong around the $6.300 in and out of the past, we can see that the price will be strong on the bounce.
It is touching, it does not necessarily bearish, and it may be there just to make sure that there is a (temporary) return of the price comes from.
In the direction of $6.300?
It also shows that the yellow line is Stochastic, with a sharp point at the bottom to see it. Without being in the oversold levels, to sit down. There is plenty of room for a decline to the $6.300, there is then a jump to make. The important points are below $5,500 up to $5,000.
It would be good to have a good response from the market and do. However, it seems the levels are still far, far out of sight, and there is plenty of resistance between before it reaches be re-done.
Bitcoin 4h chart, October 24, 2019Andere results seem to be currently being not applicable. With the break down of the main, weekly, 38 and 78 of the Fibonacci support to the course, out of all of the important levels of this week to come in.
The breaking of the two levels, and is often a confirmation of the downtrend, and will give a strong signal of a continuation, as you can see in the above chart. In view of the end of the week, it could be a consolidation and that the new week will be interesting from closing and/or opening.
What does bitcoin have to do?
The market is at the moment quite bearish out. But it can be done with the holding of the support at around $7400 in the next few days, the momentum to build up for a change.
If this is not the case, then it will be a new significant decline is not inevitable, and the downtrend of the past couple of months will be picked up. It’s going to interesting for weeks, so towards the end of the year.
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