Bitcoin price broke very strong support area

5 juil.

Hi everyone,

Bitcoin price broke very strong support area and now is heading towards next support.

Bitcoin price has been trading in 59k - 74k range for 126 days and it was obvious that in whatever direction price will breakout in that direction it will follow. BTC price dropped below previous local low at 56660 reaching 53600 level which tells us that next possible stop will be around 53k-50k support area.

There is a small chance that it might be a fake out and Bitcoin price recovers quickly but this is unlikely scenario at the moment. There is huge selling pressure at the moment and overall bearish sentiment on the market.

All this might be a good buying opportunity not only for bitcoin but for altcoins as well. As most of them lost almost all gains for the past one year.

At the moment using DCA might be best strategy both for Bitcoin and altcoins as it's not clear if BTC found the bottom or it's lies bellow.

Please, do not forget to boost this idea & share it with your friends; thanks.

8 juil.

Note

After dropping to 54k BTC price is recovering and trading within 57k-58k range.
Sentiment on the market still bearish and there is still possibility of Bitcoin price going below 53k.

12 juil.

Note

BTC price twice tried to break 59k resistance but failed so far.
In any case Bitcoin tries to rise above that resistance and hold above 60k again.

16 juil.

Note

Bitcoin price touched 65k and heading towards 70k area.
This was expected since price broke 59k resistance.
There is another resistance at 67k and if it brakes then next target will be 70k+ area.

20 juil.

Note

Bitcoin price touched 67k resistance and currently is trading just below that level.
If BTC price manages to break this level then we can expect price reaching 70k+ area.