We wanted to give a quick analysis of what happened to the price of Bitcoin since yesterday. Our team has created a video, that you can see below our analysis.
For the sake of the explanation and giving the numbers, here are the details…
Current price of BTCUSD is: 7200
1st Support Level is at: 6800
2nd Support Level is at: 6300
1st Resistance is at: 7400
2nd Resistance is at: 7900/8000
One possible scenario is to see price dropping down to the level of 6800 (1st resistance level) and then bouncing back up
A second scenario is to see price dropping down to the next support level at 6300. From there, depending on price action, we might see price going higher back to its current levels.
A major correction is also possible, although less likely. Therefore, we expect to see a minor correction before the bullish trend continues.
Check out our article on How Bitcoin Has Changed the Trading Industry
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