Post
Topic
Board Speculation
Re: Bitcoin Going Less Than $5000?
by
txsignatoire
on 16/06/2018, 21:42:54 UTC
Daily BTC did manage -after four closes in the 2-3 Std Dev bands (strong selling pressure) to work it's way back up into the 1-2 Std Dev Bands (normal sell pressure). The test of Daily resistance @ 6600 failed. this is the expected normal action providing us a chance to cover shorts in the bottom of  the lower 2-3BB channel and reset them higher in the current 1-2 BB channel. I'm sure to sound like a broken record but will repeat, the Daily & Weekly are below the Zero line on the MACD and below the 50 SMA. This is "Bearish." As such I expect prices to continue to work lower.Until we work our way out of the selling channels. I'd watch 5800-6000 level for a bounce. There is some Weekly support in 6140-6340 range. There are a lot of anxious buyers and plenty of $ on the sidelines waiting for things to turn, I wouldn't try to predict events here, but my bias would expect a few more weeks downs.