80% of BTC Traders Made Profits! Did you?
In the past 2 days, BTC price was in strong volatility. 80% of our users are excellent traders who made accurate market predictions and earned profit. User649203 shared his profit in Twitter saying that he earned $153 in 1 minute by shorting BTC. Congratulation! What about you? If not yet, check the market analysis below.
Despite the stock market rally again after the sudden plunge and correction, the cryptocurrency market doesn’t follow its pace. Last week, Bitcoin was in a sideways movement. After hitting the highest of $6,947, BTC price fluctuated in between $6,700-$6,300.
A lull in the cryptocurrency market may indicate that the US dollar has been near the critical market level. Investors do not know what to do — either build up dollar by selling BTC, or, conversely, exchange fiat to cryptocurrency.
Nevertheless, we can conclude that in this situation, consolidation in the crypto market is not the worst.
It is impossible to say with 100% certainty where the price will go after exiting consolidation, but if we make technical analysis with indicators, we can still assume that the downward trend will continue for a period
As you can see on the daily chart, the price is in the downward channel and almost reaching the upper resistance which is preparing for a further downturn.
The MACD histogram is moving towards zero and indicates weak bullish movement.
The relative strength index (RSI) doesn’t not reach the mark of 50, and rushes down, which once again confirms that the market is still in control by selling power.
So, we predict that BTC price may reach the previous support level or even forms a new low, then, a bounce back to $4,500 support immediately.
However, do not forget that market behavior is hard to predict, and it is best to:
- Go short BTC when the price goes beyond consolidation, which is below 5600, and set Stop Loss the price of 5800.
- If the market situation changes, and the price moves up beyond the upper resistance of the downward channel, you can open a long position at $6,500, and set stop loss at $6,800.
If Bitcoin breaks the resistance mark of $6,500 after consolidation, then there is a chance of reaching the next level around $ 8,000.
Disclaimer
The material herein is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell cryptocurrencies or derivatives. The material is not intended to be used as a general guide to investing, or as a source of any specific investment recommendations, and makes no implied or express recommendations concerning the manner in which any client’s account should or would be handled, as appropriate investment strategies depend upon the client’s investment objectives.
