Bitcoin and Altcoins - Market Status and Possible Scenarios

Hello fellow Steemians!

Today, in Bitcoin and Altcoins, we will only deal with Bitcoin. Altcoins are off today.

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Bitcoin has fled from the original trend over the last few days, which was a very positive signal, but failed to overcome the original peak and we came across a $ 8600 resistance that sent the price down again to a new low of $ 7784. Thanks to this movement, the BTC slightly changed the angle of the original trend lines (you can see the violet-marked original trend, blue-topped).

Fig. 1 Three hour BTC / USD chart on page https://www.tradingview.com

Fig. 2 One-day BTC / USD chart on the page https://www.tradingview.com

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At Bitcoin's local minimum, he hit several important levels:

• Storage support around $ 7800
• Resistance trend line of the former trend
• Support trend of the current trend

Personally, I think this should keep the slump for now, and the next few days should be (temporarily) in green numbers up to $ 8400 - according to the scenario marked in yellow.

The second, less likely option is that the bearish mood has not faded yet and the market will break through that support. Below $ 7650, there is a virtually deaf place, and we could see a similar candle of 12.4., Just down to the edge of a large triangle, see the second picture (Fig. 2).

Whether any of these two scenarios are taking place, the primary movement is still down and the opening of long positions is very risky, and I recommend using stoplossy in case the market breaks the support level of the trend.

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Paulinho