Bitcoin on a Potential Dive

BITCOIN CHART PRICE – BTCUSD DAILY

BTCUSD took a hit yesterday had a 327 usd loss, it gaines a few dollars before the session closed but the new candle is on the same path, currently BTC trades for 9079 usd, since the price is inside the Ichimoku Cloud we are uncertain of what could happen next, but this is a very common case with Bitcoin, we anticipate that it will touch its support level at 8891 and from there it could just test this support level or eventually have a breakout if it continues to fall, Relative Strength Index went from 48 to 44% which is an indicator that more traders are selling the asset, bollinger bands do not look very open, but we can always expect volatility on the cryptocurrency, the moving averages are both indicating that a downtrend could continue, we can place a short and close out at 8915 or wait a few days to see if the price breakouts the support or bounces back to the resistance.

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.