VasanthJB

BTCUSD expected to challenge the 30K Level

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD has started its downtrend from 60Ks from the first week of May, driven by various factors including tweets, crypto ban speculations, crypto mining energy concerns etc.

There is a strong bearish momentum and the price is trading below the current moving average. MACD also supports the downward momentum.

This sell off is forecasted to accelerate till 30,000 level which is a psychological level as well as the level from which the crypto currency took a bullish route in past three to four occasions.

There is a good chance of bitcoin if it tests the 30,000 Level and bounces back, as it had done in the past and incase if there is a bounce back, 40 ,000 level, which is the next psychological range, is on the cards.

However, since the selling momentum is never like before, as evident from the volume , If BTC moves breaks 30,000 support and moves below 27500 level, it move further towards 24,500-25000 range.


NOTE: This is only for educational purposes and do not constitute specific financial, trading or investment advice. Do not trade/Invest based on this author's analysis which is done for educational purpose. Investment/Trading in the market is subjected to market risk, Please consult financial advisor before trading or investing.


Comment: BTCUSD is projected to move downward towards psychological level of 30,000. It can either bounce back or break this support level