Bitcoin 8500 region re-test

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar

We can see formation of lower highs and lower lows which could lead to downtrend continuation.

in 8500 region there is massive support, key support which I think it will hold and reject the downtrend pretty fast.

After that we will examine the situation in various different time scales to predict further actions.



Good prediction, as always!
bloodgood Crypto_GH
@Crypto_GH, Thank you!
I'm waiting more for 8100, 7800 or 7500 to buy in. 8500 might provide another bounce but I don't think it will reject the downtrend.
bloodgood dysangel
@dysangel, Price actions always needs to be examined when certain levels are reached. All the rest is just hope. For example, if Bitcoin reaches 8500 and bounces, but this bounce won't suprass the next resistance and comfirm it, then most likely it will downfall on the next support, like you said 8100 region and so on.
dysangel bloodgood
@bloodgood, if we take a step back we're in a giant triangle though, so I think realistically the price will probably retest around 6k. Everyone is hoping for another bull run so it seems likely to me. It just will be a real grind and shake out a lot of margin traders on the way. Prices below 8k are enough for me to buy back in long term though.
bloodgood dysangel
@dysangel, Perhaps you are right mate, but as I said. Price actions follows the support and resistance lines. If one support can't hold, then the rejection could be really strong and push the price two, three support levels lower. The same with parabolic run. Resistances then don't matter much if the price action is bullish and breaks one resistance as there is none. So we will see in few days how the next price actions will follow. If we touch "key support" and bitcoin bounces back to the first resistance (purple) and can't break it, then the overall trend could be in trouble for bulls. Let's see, I'll try to find time to update
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