BTC Update

in #cryptocurrency • 6 years ago (edited)

Another week in crypto gone by.

The price of Bitcoin is hovering around $6310, with 24 hour volume at USD 3.6 Billion

After the small surge in August , $BTC has found its way back into the $6000’s. 2018 major support is being tested again. Based on past performance , the more occasions support or resistance is tested, the higher the likelihood of the price barrier breaking down in the direction of whatever price region it is protecting.

The weekly candle for $BTC closed as bearish engulfing, which signals extreme weakness .

The consensus is that more $BTC will see more downside in the coming days. It does seem that $BTC will break 2018 lows of $5700 before this bear market comes to a close.

It is best to look to buy plenty of spot $BTC via dollar cost averaging from below $5700 all the way to $4800.
If $BTC, however, can close this week with some strength pushing the price back towards $6800, the bearish bias can be reconsidered.

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6 years ago in #cryptocurrency by
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     6 years ago 

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