As mention in last week post that bitcoin upwards troll is a yearly event. It’s most advisable to target the end of year spikes for the new year expenses.
In today’s chart, bitcoin price has recessed from its new high, $34,000. We expect the price to drop some more though, but we don’t know where it’s next stop will be.
For this week’s analysis, we expect bitcoin price to drop further but we need a confirmation from the MACD before the position is ascertained.
As price drops to $29,323, we expect a pullback before the continuation to the downside.
Looking at the technical indicators:
- Major Support Level – $24,000