Razor1911
Active member
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.
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.