Expected trading for today is between 6800.00 support
and 9400.00 resistance
Following the recent consolidation phase, Bitcoin has suffered huge losses, and after breaking 10700.00 level / the Crash zone /, the price dipped to 8000.00 level yesterday and as expeted the price at 8000.00 support, attracted some buyers, the reason why the price tested the 9400.00 resistance, the short term trend still bearish and only breaching 9400.00 level and hold above it, will cancel the bearish wave.
Looking at bitcoin charts from 2010 - 2011 - 2012, you will see that is very similar to this year / dropped 60% /!!!
Let Us See What Next!
Bitcoin price now is around 8500.00 / the crash zone/, and in addition to the recent negative news / fraud fears and signs of heavier regulation /, Facebook is going to ban ads for ICOs, while in China bitcoin ads has disappeared from social media, so there is a high risk of testing again 8000.00 level, and bitcoin price may go even lower before finding a bottom.
The sad thing, there are 2 options but the option II is more likely!
/ I hope that I am wrong /:
Option I ( 35%): 8000.00 support will hold this time also and the price will move towards 9400.00 and reaching 9400.00 level and hold above it, will cancel the bearish trend and push the price towards 10700.00, followed by 11160.00 level.
Option II ( 65%): The price will move under 8000.00 support, to find the low of the year, and this will push the price deeply in the crash zone towards 6800.00 level around the middle of feb, before any new attempt to raise.
Expected trading for today:
is between 6800.00 support and 9400.00 resistance.
Expected trend for today :
Bearish.
Short term:
bearish.
Medium Term:
Bearish.
Long Term:
Bullish.
The low of the year:
Might be around 6800.00 level.
The high of the year:
Might be around 30000.00 level.
