Currently the technical indicators for Bitcoin do not look favorable for the price to bounce. Price has been in an upward channel since April of this year.
Price, depending on whether it continues to drop and how rapidly, will encounter the bottom of the channel at around $580 or below.
Normally, price would move back to the mid-line of the channel. While the technical indicators appear to be reaching for a bottom, they haven't necessarily reached it and do not currently show any signs of turning back up.
At this point I am waiting to see what happens should price reach the $580, or slightly below, level. I don't intend to be a buyer of Bitcoin until the indicators turn positive. In the case of most of the ones I have below there would have to be a bullish crossover to get me to go long.
Should price fall out of the channel that would likely be reason to exercise caution as the price could break lower should it exit the channel.
So, for now, I will wait to see what story the price action and indicators tell. I suspect we will at least test the bottom of the price channel if not breach it.
Price, depending on whether it continues to drop and how rapidly, will encounter the bottom of the channel at around $580 or below.
Normally, price would move back to the mid-line of the channel. While the technical indicators appear to be reaching for a bottom, they haven't necessarily reached it and do not currently show any signs of turning back up.
At this point I am waiting to see what happens should price reach the $580, or slightly below, level. I don't intend to be a buyer of Bitcoin until the indicators turn positive. In the case of most of the ones I have below there would have to be a bullish crossover to get me to go long.
Should price fall out of the channel that would likely be reason to exercise caution as the price could break lower should it exit the channel.
So, for now, I will wait to see what story the price action and indicators tell. I suspect we will at least test the bottom of the price channel if not breach it.