CV Evaluation Bitcoin Price Approaching Key Trading Levels

As Bitcoin trades around the $8, 200 range, there are considerations and opportunities to look at. If you are taking a step back from the chaos of trading and also look at the overall BTC chart, it is easy to see that Bitcoin was on a tear as 2015. There was an exponential growth in 2017 and the market looks set to cool away from the time highs set in December. With that being said, there’s definitely long term growth potential here, as you can tell the consistency at the greater lows since 2016.

When we take a closer look, you can see the upward sloping trend line with a few crucial levels that I’ve indicated. A fall beneath the $8, 000 mark can signal a fall to the $6, 500 – $7, 500 range. There will be further downside support around $5, 700 level if the head and shoulder routine below breaks the neckline, although I think this is very unlikely. We can see the formation of a double bottom or the interim formation of W routine, which could signal a reversal of the bearish trend if BTC can jump off these levels.

If we take an even closer look, the table below is an integral level that’s well worth keeping an eye on in the event that you are searching for a fast trade on the downside and looking to short on a downside break. The thickness charts show a purchase wall forming around the $8, 200 amount, so keep your eyes on this whilst the trend develops, because it can be a fantastic point of entry for several rapid gains as well.

Nothing in this article is to be construed as an investment advice. Neither the writer nor the publication takes any liability or liability for any investment, gains or losses you might incur as a consequence of this information.

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