On 22 Dec I wrote :
Breaking 13000.00 and hold below it will push the price towards 11600.00, followed by 10800.00 level.
And 10800.00 level was tested..
On 23 Dec I wrote :
The recovery was expected but the gains are likely to be limited to 14500.00, as breaching this level and hold above it will push the price towards 15500.00 level.
And the recovery was limited to 14500.00 area..
On 24 Dec I wrote :
Will be more slides toward 12000.00 level. If the price move up, will be limited to 14700.00 level.
And 12000.00 level was tested..
So What Next!
The price now around 13300.00 and the stability below 13000.00 will be open the way towards 10700.00 areas, while surpassing 14600.00 will save bitcoin price from the negative pressure.
The 2 main reasons behind Bitcoin Price Drop!
The big delays in transaction confirmation.
Because the value of the payment can be altered after confirmation, The reason why some of us, start to avoid bitcoin payments and shift to other cryptocurrencies.The sharp rise in transaction fees.
My P.O.V.
This is the main technical reasons that are fueling the current bearish wave. Because people who have been using bitcoin as a method of payment, are suffering from the current network status, and are mostly selling their bitcoins for other currencies that can be more suitable for their needs.
The trend still bearish and the price need to breach 14600.00 level and hold above it to cancel the bearish pressure. But I do not think, the price can not breach major resistance near 14600.00 level at this stage based on technical indicators.
Expected trading for today :
is between 10700.00 support and 14600.00 resistance.
Expected trend for today:
Bearish.
YOU SHOULD NOT TAKE ANY MATERIAL POSTED ON THIS BLOG AS RECOMMENDATIONS. TO BUY OR SELL BITCOIN OR ANY OTHER INVESTMENT VEHICLE LISTED.
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