Phemex Analysis #2: BTC - Time to Buy Low or Stay Away?
Bitcoin dropped past the $61,500 support level last week and attempted to reach the $56,500 support zone for the first time, but failed. The price then rose back to $63,884.
Over the past few days, Bitcoin has started dropping again and today it fell even lower to $57,850 (lower than the previous low of $58,276).
A resistance zone is beginning to form at $63,000, indicating potential for more sell pressure ahead, which could further push down the price. The next support zones are at $56,500 and then $51,000.
Should we buy low at these support zones, or wait for the price to consolidate first before entering the market? Let us know your trading plan.
Note: Phemex All-New Feature Multiple Watchlists will Go Live today, at our website. Be sure to check it out!
Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
Over the past few days, Bitcoin has started dropping again and today it fell even lower to $57,850 (lower than the previous low of $58,276).
A resistance zone is beginning to form at $63,000, indicating potential for more sell pressure ahead, which could further push down the price. The next support zones are at $56,500 and then $51,000.
Should we buy low at these support zones, or wait for the price to consolidate first before entering the market? Let us know your trading plan.
Note: Phemex All-New Feature Multiple Watchlists will Go Live today, at our website. Be sure to check it out!
Disclaimer: This is NOT financial or investment advice. Please conduct your own research (DYOR). Phemex is not responsible, directly or indirectly, for any damage or loss incurred or claimed to be caused by or in association with the use of or reliance on any content, goods, or services mentioned in this article.
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