Bitcoin has been inconsistent in a while and it has made so many trades inconsistent also. So far it has been a long ride. We hope bitcoin price gets better soon. Nevertheless, a lot of panic about the end of the bull run. A lot of predictions are pointing in the direction of a 50% drop below the present price. This can be possible but the probability is relative. In the chart below, bitcoin price rallied up until $12,000, being our last lower high. We can see the break below $10,769 (previous support) has really caused bitcoin price to fall under the 50 MA. Based on our previous update, we were advised to cut all trade if bitcoin price dropped below $10,769.
What’s For This Week
This week if bitcoin price retests $10,769 and does not break upwards, then our downtrend will have officially began. It’s advisable not to trade bitcoin now but can trade altcoin/bitcoin pairs with caution.
Looking at the technical indicators:
Major Support Level – $10,769
Major Resistance Level – $9,360
Our Recommended Exchanges for placing Crypto Trades
If you have any questions, leave it in the comment section below. Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.