Bitcoin has been on the downtrend line from the moment it reached the all time high of 20.000($) dollars.
At the moment Bitcoin has found some bullish momentum from the 9.000($) support level and its following an uptrend line .
The price of Bitcoin is battling between the 11.700($) resistance level and the 9.000($) support level.
There are two possible scenarios for what the near future holds for Bitcoin.
Scenario 1:With the upcoming closing of the Futures Market we can expect a drop,looking both at the Rsi and Macd we can see that this is very possible since both indicators show us bearish signals.Having said that we could expect Bitcoin to reach the 9.000($) price tag.
Scenario 2:The price will continue to struggle between the resistance and support level until it finds some upward momentum.If it does the next resistance level will be at around 13.000($) where most likely it will force the price to move down.
Trading tactics:In both scenarios we have to wait for the Rsi and Macd to give us a reversal signal in order to place our orders.
If scenario 1 happens we should wait for the price to bounce back from the support level and place our orders around the 10.000($)
If scenario 2 happens we should expect the price to break the resistance level and have our orders placed around the 12.000($)
In conclusion,right now the market is in a tricky situation and the best option we have is to let this one play out and wait for a clear bullish signal to activate any orders.
At the moment Bitcoin has found some bullish momentum from the 9.000($) support level and its following an uptrend line .
The price of Bitcoin is battling between the 11.700($) resistance level and the 9.000($) support level.
There are two possible scenarios for what the near future holds for Bitcoin.
Scenario 1:With the upcoming closing of the Futures Market we can expect a drop,looking both at the Rsi and Macd we can see that this is very possible since both indicators show us bearish signals.Having said that we could expect Bitcoin to reach the 9.000($) price tag.
Scenario 2:The price will continue to struggle between the resistance and support level until it finds some upward momentum.If it does the next resistance level will be at around 13.000($) where most likely it will force the price to move down.
Trading tactics:In both scenarios we have to wait for the Rsi and Macd to give us a reversal signal in order to place our orders.
If scenario 1 happens we should wait for the price to bounce back from the support level and place our orders around the 10.000($)
If scenario 2 happens we should expect the price to break the resistance level and have our orders placed around the 12.000($)
In conclusion,right now the market is in a tricky situation and the best option we have is to let this one play out and wait for a clear bullish signal to activate any orders.