BTC Could Fall to Support Level

BTCMXN CHART PRICE – BTCMXN DAILY

Bitcoin has always been very volatile however in the last 30 days we have not seen huge moves like Bitcoin had us used to, it has stayed in the 200,504 -219,701 which is not a lot for a cryptocurrency, we see that the trading day is not going very well for BTC as in has lost some ground in the current trading session, this put the price below the Ichimoku Cloud which could be seen as continuity for the downtrend, Bollinger bands are steadily opened and getting wider, but not indicating a change in trend, hence we would expect the price to drop all the way to its support level at 205466.36 or at least get very close. Relative Strength Index suffered a drop from 55 to 48% which is why we see the price getting lower and lower, if I had to place a trade right now it would be a short trade for the short term, if you’re thinking on placing a long term trade then I would wait for the price to reach its support level and check the conditions of the market to place a long trade.

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.