Bitcoin is at lowest level since May 2019. What to expect now in Technical Analysis ?
Bitcoin is at lowest level since May 2019. Bitcoin bloodbath is not ready to stop and it again crashed to $6600 with the start of new week. This possibility was already express by us on our telegram channel on Friday.
"$7k - $7100 is important support for now as per Fib. It should respect it but once it close below in day candle will find next support around $6600"
And now if you look at the chart, you will find what happened in the last two days, which we shared on our Telegram channel on Friday.
Now what is next ?
First of all, if you look at the altcoins market, you can easily see that most of the altcoins are not ready to go below this level against bitcoin. This is also giving good indication that we can see some short upward movement in altcoins in coming days. And some altcoins such as Data, NAV etc. that have shown some extra ordinary moves and pumped from 100% to 1500% within a few hours and this may indicate more low market cap coins to show some upward move in coming days.
What about BTC ? Is it a time to enter ? When we look at one day chart of bitcoin and consider all the important indicators like MA, Fib, RSI etc. - We can expect a recovery from this levels as now it is in buying range specially when we looks at the history chart of BTC RSI which is now at around 20. And if we consider RSI indicator which is in oversold position and it is in one of the best range indicating buy signal.
But when we look at the more wider picture of Bitcoin weekly chart, it is still at par specially when we see Weekly RSI which is now at around 40.
There is a good chance that we can see some quick upward movement from here if bitcoin daily candle closes above the important mark of $7000 and if not then the next support for Bitcoin is around $6200.
Image Sources - TradingView
Disclaimer & Suggestion : Please always do your due diligence before investing in any cryptocurrency or project. This must not be treated as financial advice.