Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
In today's blog we are going to do a market analysis for Bitcoin. It has been quite some time since we analyzed the market analysis, since we did the market analysis for Bitcoin. So let us start our analysis and in this blog as well we are going to use the same old chart which we have been using for the last few months.
In the screenshot below you can see that all the important support lines were broken recently. The most important one was the blue one and after that the pink one which was broken and then we almost saw a free fall in Bitcoin price movement until it tested the orange support line.
Now this orange support line is the price which is 80300 to 80400 USD and that is the price which was respected and which was confirmed as support recently but we have to understand that this might not be the end of the dump we are witnessing.
In the screenshot below you can see that there is a green support line which I have drawn today itself and this is actually the ultimate support line in my opinion which should be respected the most.
If Bitcoin somehow breaks the orange support line and falls further then it is definitely going to test the green support line which is around 74000 to 75000 USD so that is what I think might happen if the market does not start to recover soon.
Also the volume in the market is definitely not indicating anything good to us so we must wait for Bitcoin to get stable and move slowly in one direction probably in the upper side so that the alt coins can boost up in their price.
In the screenshot below I have shared a detailed chart where you can see the green support line which I am looking at and I definitely think that if the orange support line gets broken we are going to see Bitcoin falling down to 74000 USD.
Now only time will tell us what the market is going to offer us but at this point of time I think the market might not have created a bottom and we might see more pain coming from the market in the coming days.
If there are some good news from the market and some reclaiming occurs at 87000 or 86000 USD for Bitcoin then probably we are not going to go down to 74000 USD but again we have to wait for upcoming days to know if that is actually going to happen.
Thank You