Hi dear friends and fellows,
Those of you who are following up on our analysis are familiar with the chart above, and as we said, after breaking the 9100 support and the red triangle floor, Bitcoin was looking to find a safer range as support. And as I mentioned before, the next support range was in the price range of 7200 to 7600.
Bitcoin rebounding and breaking the $ 7800 uncertain support plummeted to $ 7296, down from monthly high. Since then followed by some positive news, such as the Chinese government’s support of 500 blockchain-based businesses just two days after the previous downturn, an stunning price increase occurred that was over $ 3,000 (up 42% in value) in less than 24 hours.
Bitcoin has now turned back into its previous price range and by crossing up the $ 9100 (triangle bottom) this has now turned into a support.
Over the past few days we have witnessed the process of price stabilization across the triangle and testing of its floor and ceiling. (The triangle floor is the same $ 9100 and its ceiling is the downtrend from $ 13,868 on June 19)
Bitcoin is currently on a two-way path: one way is to accept the $ 7296 price level as the main support and the end of the price correction, and as a consequence climbing from that point by breaking the downtrend of the past few months (triangle ceiling) Up, and the other way is to break the current support on the 9100 (red triangle bottom) down and stabilize below to find stronger and returning of more buyers at lower prices.
We should note that we are still in a downtrend, and in order to find new ATH , stronger signs of a primary are needed.
Published at Sat, 02 Nov 2019 09:10:52 +0000