BITCOIN - ARE WE REALLY GOING TO $8,500? SIMPLE SUPPLY & DEMAND.
Recently, in the market, we have faced a lot of FUD (Fear, Uncertainty,  and Doubt), not only has there been plenty of news but almost all people  are predicting a low of the bottom for Bitcoin 3.27% at the $8,500 range. Now, this has been proven to be the upcoming  outcome of the price in the short-term future as most the TA ( Technical Analysis), proves that is going to be the case. However, we have to take into  account market fundamentals, even if the price was to slip to $8,500 it  would instantly be bought up and would be very unlikely to remain there  longer than a few days. There is already enormous buying pressure at the  $9,500 - $10,000 mark and that is acting as a huge support,  consequently, holding the price where it is currently at. Â
Now, in the case of the TA, the price will consolidate between the  primary resistance and support lines, depending on which one is broken  the price will follow pursuit. I expect that the price is going to break  through the first resistance and head onto the second one, where we  will see a period of consolidation as this is a  supply zone (more people selling then buying), if we can sustain the momentum here  we could be a retracement back to $15,000 levels. In the worse case  scenario, if both support is broken then yes, we could potentially see a  short and quick drop to the $8,500 range.Â
Link to analysis- MACD -  Not added to this analysis as  on the timescale it was not showing any relevant indications that you  want to take into consideration.Â
- RSI -  Not added to this analysis as  on the timescale it was not showing any relevant indications that you  want to take into consideration, however, it was nor oversold or  overbought but was still circulating in the higher section which usually  is a bit  bearish . Â
 - Orange - Resistance.  Â
- Pink - Support. Â
As always trade the lines accordingly. Â
