Bitcoin Next move, Support, Resistance & Trend ReversalIn this we tried to find out Bitcoin double bottom and what will be the major resistance & support and what will be the point of trend reversal.
Bitcoinpricetrendanalysis
BTCUSD been repeating the downtrend retracement at 61.8% fiboFrom the chart, the 61.8% fibonacci level on the downtrend has been acting as the major resistant for bitcoin for the entire year so far. The next 61.8% fibonacci level will be at 6910 which is just around the current downtrend trendline, breaking this resistant could signal a major uptrend move.
Currently strong support at 6000 USD so watch out for the entry around there and HODL if it manages to break the next 61.8% fibo at 6910. Breaking below ~6000 USD could signal a continuation for downtrend, but a failed break low could be a signal for a long position.
I'll remain neutral at the moment and wait to see the price action for either side which should happen pretty soon.
BTC Daily Printed Inverse CandleDaily candle printed an inverse hammer which is a bullish candle.
Could be the start of a reversal back up, to test the upper overall trend line.
Bitcoin might just be relaxing a bit, to continue down further..Bitcoin has shown some strength in the recent days, but it also has no reason to go up, except for a Short Squeeze. Why wouldn't I call it a reversal yet? Cuz we still need to cross previous resistances (as high as 10k) to say we're in bullish territories. Also, the strength if the green candles is quickly sizzling off, and the bears are probably just resting for sometime... I'd look to short in the range of 7800 - 8250.
