Downtrend Repels Bitcoin Advance, For Now...
Bitcoin got as high as $11,700 or there about earlier today. Upon reaching the resistance there, and also the long term downtrend line, it has repelled from both those key areas.
But as we can see here:
https://www.tradingview.com/x/8fsiflW5/
2 Hour BTC/USD Chart
It seems as though the short term uptrend line, and also the $11,200 support, have both held nicely.
Things looked bullish earlier I thought, and that hasn't changed on the daily chart, so we could perhaps give that trendline another try sometime shortly (likely tomorrow/today).
But we'll see what happens...
Just a short and sweet update, I hope you enjoyed it!
(Apart from the dip of course).
Want more technical analysis and crypto related posts? See also: @toofasteddie, @gazur, @ew-and-patterns, @pawsdog, @cryptomagic, @exxodus, @beiker, @lordoftruth, @masterthematrix, @cryptoheads, @tombort, @maarnio, @steemaze & @briggsy
Not intended as investment, financial, or trading advice. For entertainment purposes only.
Hey, Do you think its worth it to HODL Bitcoin at the moment? Followed you too
When I posted this it wasn't looking too bad. I'm guessing by looking at the price today that those support levels have fallen...
It all depends on what time frame you're talking about. :-) I'll make another post soon to see what's happening for sure!