Too much unnecessary FUD, only panic time is 2xclose below $7600

17 mars 2018

BTCUSD

Death crosses, "omg price going to $2800" analyses from people doing this for a living.. I see a different picture at the volume profile and fibonacci support / resistance analysis.

The price has been fluctuating for the past month between 9050 - 7750 range. At these two price points there is a confluence of very strong support and resistance lines. For example 7700 holds all time 0.618 fibonacci, which will be a bitch to take down. 7600 is also the Volume Area Low border since ATH, which was tested and very quickly rejected recently.

However, the price crossing the 7600 price and closing two days in a row below it would be a sign of stress and panic indeed, since it would be a Low Volume Node where the price can do very fast down movements. But we will cross that bridge when we get there. Until then, I think we should expect a up and down movement in the channel that has been established for the last month. Dont panic and sell before 7600!