This week we got a confirmation of the beginning of the downtrend of bitcoin price. This is where you sell bitcoin for fiat. Nevertheless, I don’t expect bitcoin price to drop too low.
The white trend line has been respected by price over and over again and now we see a retest at $9,300 before the price diving.
What we must do is to be observant and buy the oversold regions. For instance, bitcoin price moved dropped to $8,800, an oversold region and spiked to $9,131. That is a 3.7% profit there.
I believe the next oversold region should be $8,428 before the next spike.
Also, the MACD cross can help you know the next spike.
Looking at the technical indicators:
- Major Support Level – $9,411