Bitcoin Next Target $6000 Or $3000? by cryptonet

bitcoin · @cryptonet · Nov 16 '18

$0.89

Bitcoin Next Target $6000 Or $3000?

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<p><img src="https://steemitimages.com/p/2FFvzA2zeqoVYqXT9Yoy3nap3EW6B25L1one5WHRwGguoWq9jx6eeGxBM4Z63pe1fAr4JyK8WHdrikSo66Bk6Pt5Se9UQKiMWwen7j59UWy44AprPnbwSrEoJDVzW?format=match&amp;mode=fit" width="700" height="400"/></p>
<p>We have all seen Bitcoin recent flush down to $5200 (Bitstamp). For many months, Bitcoin had been trading around $6200-$6500 and seems to be settling in that range until yesterday when it decided to break down this range completely with high volume, thus confirming that Breakout.&nbsp;</p>
<p>The reason of this Breakout is known to be simple Technical Analysis as nothing major Fundamental news hasn't impacted the market in last 48 hours.</p>
<p><strong>Now, the main question is: Will Bitcoin recover?&nbsp;</strong></p>
<p>Well, let's have a look at the chart to know the same:</p>
<p><img src="https://www.tradingview.com/x/vOlzmBxc/" width="1188" height="571"/></p>
<p>As we can see in the chart, Bitcoin has broken $6000 solid support with volume and flushed back to $5200. Currently, the RSI levels on daily chart is in 16's, which gives good chances for a bounce back at least. We can expect a Bounce back to previous support level of $5750-$5800. Its very unlikely that Bitcoin will break $6000 again, in short term at least.&nbsp;</p>
<p><strong>Let's assume the analysis:</strong></p>
<ul>
  <li>If Bitcoin surpasses $5600, the next resistance would be $5750 and then $6000.&nbsp;</li>
  <li>If Bitcoin goes down from current price, first support would be $5200 and then $4800.</li>
  <li>If we fall into long term Bearish trend, then Bitcoin can fall as low as $3000 easily as it is the strong support after $4800.</li>
</ul>
<p>So, if you're trading, use tight stop loss and be safe.</p>
<p>Thanks for reading ..!!</p>
<p><a href="https://steemitimages.com/p/2FFvzA2zeqoVYqXT9Yoy3nap3EW6B25L1one5WHRwGguoWq9jx6eeGxBM4Z63pe1fAr4JyK8WHdrikSo66Bk6Pt5Se9UQKiMWwen7j59UWy44AprPnbwSrEoJDVzW?format=match&amp;mode=fit">Image Credit</a></p>
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👍 adsactly, gammastern, shebe, cryptonet, acutimam, besheda, enthef, egon80

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@enthef · Nov 16 '18

Black friday sale happens every year. We are still in a bear market but usually is a catalyst for small uptrend over the next month. I would also bet tax savvy whales may take a loss to offset last year gains I think this will be less of a market mover than people think though. Just my two satoshis worth.

👍 cryptonet, enthef

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@markannen · Nov 16 '18

Will this really help our businesses?
http://www.hodlerxl.com/sophiatx/evantas-global-cio-executive-summit-with-sophiatx/

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