Bitcoin price has hit a year low at $30,000 and may still dive some more in the course of the year.
Presently, $42,140 is the resistance holding price from changing to the upward direction and this seems not to happen soon.
In last week’s post, I mentioned that the only way to maximize profit in a downtrend is to trade pullbacks. This means you only need to spot strong support areas on higher timeframes and then enter and exit trades on smaller timeframes. (N.B this strategy is mainly for advanced traders.)
Looking at the technical indicators:
- Major Support Level – $34,018