Hello my friends ,in this topic i'm gonna discuss about Bitcoin price,major resistance ,key support & it's prediction from current scenario .What do you think, will Btc recover from here or dump again ?
CURRENT CONDITION
-Bitcoin dropped to $5800 before making a bounce back to $6400
-It broke the bearish trend line of resistance $6,280 on the 4-hours chart of the BTC/USD pair.
-It is currently trading at $6360,at the time of writing and this makes a good support level at $6k.
-The next resistance level is at $6,500 and $6,600 .
BITCOIN PRICE BRIEF DISCUSSION
We all know that Btc has been performing like a pump & dump coin from recent months.This Helps the big whales to Long and Short it's position to gain huge profits ,this is the way how Big Whales manipulate the whole market.
Following Btc trend results in fall of the Altcoins too , from last few months every Altcoin is already down to 70-80% of it's value. There's a proverb which suits here for Altcoin i.e. "When bulls fight, it is the grass that suffers".
Btc passed the 50% Fib retracement level from it's last fall at $6,832 high to $5,654 low,which caused a breakout from bearish Trend line.Currently it's price is stabilising near $6400. For the buyers to purchase ,Btc needs to break above the 61.8% Fib retracement level of the last fall off from $6,830 high to $5,650.
TECHNICAL ANALYSIS
By watching the chart carefully ,we can make out the following things-
The major resistance level is at $6500
the key Support area is at $6000
The 4 hours MACD seems bullish
The Relative Strength Index Is above 50
FINAL CONCLUSION
As per my Analysis ,if Bitcoin moves forward accordingly then we may soon see a Bull run but we shouldn't expect it too sooner because you all can see that how the market is being manipulated.
Recently a news from Bitmex Ceo which states that Bitcoin will reach $50k by the end of 2018.
Lets hope that this news becomes true and always remember that "Time is a great healer", have patience and hodl ,everything will be good soon.
What do you think about Bitcoin and Crypto Market ,do Comment below!