For this post, I want to touch on BTC/USD. After all, the dramatic price movement last Friday was triggered by a Bitcoin related news. To find out more info about what happened, please click here.
Have a look at the daily chart on BTC/USD below:
The price action last Friday wasn't as wild a swing as STEEM/BTC (see my earlier post), although in BTC/USD case, it was a straight and continuous decline the entire day on Friday. However, since the price action of STEEM/BTC was also declining on that day, this indicates STEEM is declining at a more pronounced rate to the US Dollar than BTC. This is understandable since alt-coin performance tend to be more magnified compared to BTC.
Looking at the bigger picture, BTC/USD seems to be trading in a range, albeit a wide one between 8,000 and 9,800. As mentioned in the past, 9,800 represents the 23% fibo retracement from the peak of around 20,000 all the way down to 6,000. This 9,800 level is proving to be a formidable resistance point at this time. On the other hand, I still have major support level at 8,000 and if this breaches, we can potentially see price move further down towards the 6,600 level.
That's all for now on coins and charts. Trade safely everyone!
Risk Warning: All comments, charts and analysis on this post are purely my own and should in no way be treated as recommendations or advice, nor should they be construed as an endorsement or recommendation to buy, sell or hold. Please do not trade based solely on the information provided on this post. Furthermore, past performance does not guarantee future success. Always do your own due diligence and analysis when trading.
Chart courtesy of TradingView