BTC Gets Close to Support at 205,466.39

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After a busy weekend that brought gains for Bitcoin the price started to fall in today’s trading session, it’s getting close to its support level at 205,466, the cryptocurrency is trading at 206,597 currently, it could potentially breakthrough the support or start climbing back up to the 210,000 levels, Relative Strength Index is relatively unchanged from the weekend, in order to make a trade decision we would need to wait and monitor the price level as well as the RSI, right now the price could either continue to drop or start regaining some ground, in the past we’ve seen that the price normally bounces back up after reaching a support, the Bollinger bands are closing up slightly, we do not expect high volatility for the next hours. Moving Averages indicates a downtrend and the price trades under the Ichimoku cloud which also indicates that the downtrend could continue, if the price reaches its support level we would have to wait a bit to see how it behaves and predict the movement.

This post does not provide Financial Advice for traders, its merely purpose is education, use all the information available from different Analysts and build your own strategy, trading is not for everyone, you should only trade with money you can afford to lose, past performance is not an indicator of future results.