Well, here we are.... Finally the first steps of a crash in the stock market and by this also in the crypto-scene have been done. For sure, now everyone is asking himself what the current state is and how to face this challenge. As I told before, the price of a cryptocurrency is also subject to the laws of price patterns like all the other charts of currencies, or stocks. Because of this, we have to look carefully at e.g. the BTC / USD price:
As we can see in the chart above, there has been a strong resistance at the price of round about 7.190 USD in the november of 2017. And the surpassing of this resistance meant a really strong BUY-INTEREST at that price. And what did we actually see in the beginning of february? Exactly the same price level, now acting as a support. So, I think, without falling under the 7.190 USD support, there is a high chance for the Bitcoin-Price to recover for the next weeks.
Where this recovery will go is another question. To answer this we have to check out the following trend channel of the BTC movement:
By analysing the last trend channel, we could conclude the following: if the Price does not fall under 7.190 USD, there is a very high probability that it could recover till the region of 11.500 USD.
(Disclaimer) BUT: don't forget: I don't provide personal investment advice and I am not a qualified licensed investment advisor. I am an amateur investor and for that I will not and cannot be held liable for any actions you take as a result of anything you read here.
steem regards!
your: Legal Tech Expert.
P.S.: If you like the cover image, don't hesitate to check out the marvellous gallery of https://steemit.com/@nevio