Bitcoin has broken support, more downside likely in few sessions

[Razor1911]

The trend is getting clearer now. After so many days of swinging in a range, the support has finally broken. The support was holding the price of bitcoin since that huge sell of came 3 weeks ago.

Now, the current market price of bitcoin is $32800, which is below it's support of 33500 (As you can see in the image below).


Looking at the charts now, It is clear that the market is gripped by bears and it will take much time for the bulls to regain in power. As per chart the main support is near 29800, breakaing that level mean further low is on the cards. In the other hand, the earlier support will now act as resistance, and breaking that level of 35500 means more upside towards the level of $39500. But it is more likely that it will go down from here.

 

[Deleted member 28127]

This is bad news for all crypto collectors especially bitcoin collector one so may they have to switch to another altcoin before their bitcoin investment still decreasing and avoid further loses in this domain because anything is guaranteed in crypto world so it is time also for buyers to buy a big quantity anyone doesn't know he may re increase suddenly.

 

[Razor1911]

This is bad news for all crypto collectors especially bitcoin collector one so may they have to switch to another altcoin before their bitcoin investment still decreasing and avoid further loses in this domain because anything is guaranteed in crypto world so it is time also for buyers to buy a big quantity anyone doesn't know he may re increase suddenly.

Even the altcoins are crashing more than Bitcoin. The market has crashed and the market cap of overall crypto market has gone down by more than 10%. Though the volume seems to be cooling down now, but the price is still tumbling down. Somehow bitcoin has managed to hold its earlier lows of 30200. Let's see what future unfurls.

 

[btaliat]

From the chart, one cannot do anything but to brace up. This is just one of the hardest time for crypto users. This moment will either mar the future of cryptocurrencies or make it. The beginning of the trouble started when big whales started investing in cryptocurrency and allow their decision to force the demand curve of cryptocurrencies.

 

[Razor1911]

From the chart, one cannot do anything but to brace up. This is just one of the hardest time for crypto users. This moment will either mar the future of cryptocurrencies or make it. The beginning of the trouble started when big whales started investing in cryptocurrency and allow their decision to force the demand curve of cryptocurrencies.

But the market has rebounded from the lows. Which is definitely a good sign. The broader market remained volatile the whole day. But the way bitcoin bounced from the days lows to reach now at 36500 levels in very encouraging. If the volume remain supportive, we can see even more upside in the next few sessions.

 

[Alexandoy]

I can imagine the disgust of the Bitcoin holders especially those with big holdings. I know some have worth $1,000 in Bitcoins that they are now edgy that if the price would not go up then they have to sell at low price simply because they need the money. That is a very unfortunate situation because many believed that Bitcoin will soar in price when Elon Musk bought 1.5 billion dollars worth.