Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bearish
Bitcoin has dropped considerably and it is trading above $5,000 support level. Before the actual downward movement,the market was consolidating at the $8,000 resistance. The breakdown was very powerful as it broke the support levels of $7,000, $6,000 and $5,000. BTC fell to a low of $4,800 and rebounded. The market is making an upward move. Bitcoin will recover if the upward move is sustained and price breaks above the $7,000 resistance.
Daily Chart Indicators Reading:
When price breaks above the support line of the descending channel and closed, the upward movement will commence. Presently, Bitcoin is below 20% range of the daily stochastic. The coin is still in the oversold region of the market. Buyers are still expected to emerge at the oversold region of the market to push BTC upward.
BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, Bitcoin was initially consolidating below the $8,000 resistance. Thereafter the bulls were resisted as the coin made a downward move. The bearish momentum was very powerful as the market reached a low of $4,800.
4-hour Chart Indicators Reading
Bitcoin is level 28 of the daily Relative Strength Index. BTC has fallen into the oversold region of the market. This is an indication that buyers are likely to emerge in the oversold region. The market has reached the level of a buy signal.
General Outlook for Bitcoin (BTC)
Bitcoin has been oversold. Buyers are supposed to emerge to push BTC upward. For Bitcoin to recover, it must trade above $6,000 support and price to be sustained. BTC may decline to a low of $4,800 if the price is not sustained
Instrument: BTC/USD
Order: Buy
Entry price: $5,263
Stop: $4,800
Target: $8,000
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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