Bitcoin´s downside move below Pivot

Bitcoin´s downside move below Pivot

Key Resistance 51500 – 5300
Key Support: 44900 – 44000

Long Term View
Bitcoin is a buy asset and has been for a while. Swing trades against it have been horribly wrong in the past for a few big money managers. But we are traders so this doesn´t mean we can´t profit from downside moves in this asset on the short term.

1H Chart Analysis
Bitcoin has fallen from  the all time highs 22% and has pulled back to retest the previous broken level of support for an exact 50% retracement.
This is a very structured pullback and we are waiting for the retest of the immediate broken lows to jump in. We believe Bitcoin´s down potential is still there and the probability of a bearish continuation is high because big buyers have yet to step in lower.

Targets should be the retest of the previous lows for this day trade.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
Share with other traders!

Author : Orlando Gutierrez

Leave a Reply

Your email address will not be published. Required fields are marked *