Hi Traders!
The history of cryptocurrencies will certainly remember the last week as a tragic one and therefore we will discuss bitcoin again today.
In the last analysis, we also marked the lower trend line on the chart. Probably, no one expected it to be tested just a couple of days later. At the moment, we are probably on the strongest trend line and on key levels.
There are 3 strong supports awaiting:
1. Last LOW - $ 3,234
2. 2017 Swing - $ 2,976
3. Swing LOW from 2017 - $ 1,801
Where's the bottom?
This is probably the basic question often followed by another question - when is the best time to buy? However, no one knows the answer to these two questions. Bitcoin and cryptocurrencies are experiencing economic collapse for the first time in their history. Although Bitcoin came into existence in 2008 (during the last financial crisis), it was of no value at that time and trading volumes were practically close to nothing.
The crypto fundament is now secondary, as well as halving. On the Internet, there is a growing belief that the price cannot fall further due to the mining process. The truth is, in the short-term the price may still decrease.
What's next?
At the moment it's best to simply wait and possibly buy for a long-term hold. Problems in the world won't be solved quickly. The most important thing, for now, is to keep the trend line. If we break it downwards, we would follow the listed supports, where we would set up purchase orders.
May the crypto be with you!
The history of cryptocurrencies will certainly remember the last week as a tragic one and therefore we will discuss bitcoin again today.
In the last analysis, we also marked the lower trend line on the chart. Probably, no one expected it to be tested just a couple of days later. At the moment, we are probably on the strongest trend line and on key levels.
There are 3 strong supports awaiting:
1. Last LOW - $ 3,234
2. 2017 Swing - $ 2,976
3. Swing LOW from 2017 - $ 1,801
Where's the bottom?
This is probably the basic question often followed by another question - when is the best time to buy? However, no one knows the answer to these two questions. Bitcoin and cryptocurrencies are experiencing economic collapse for the first time in their history. Although Bitcoin came into existence in 2008 (during the last financial crisis), it was of no value at that time and trading volumes were practically close to nothing.
The crypto fundament is now secondary, as well as halving. On the Internet, there is a growing belief that the price cannot fall further due to the mining process. The truth is, in the short-term the price may still decrease.
What's next?
At the moment it's best to simply wait and possibly buy for a long-term hold. Problems in the world won't be solved quickly. The most important thing, for now, is to keep the trend line. If we break it downwards, we would follow the listed supports, where we would set up purchase orders.
May the crypto be with you!