Bitcoin Continues its Spectacular Fall

0
160
Apple App Store
Daily Chart BTC/USD
Daily Chart for BTC / USD

Some believe that Bitcoin has the ability to change the financial system and the way individuals perceive the financial world. Additionally, there are many others who believe that Blockchain technology can be used to revolutionize daily life.

After various snooping allegations against security agencies, many industry experts feel that Blockchain technology has the unique ability to create a messaging app that would be free from censorship and provide the privacy that users require.

BTC/USD came under massive selling pressure at higher levels during last night’s trading session, which caused it to close near the day’s lows. Earlier this morning, the BTC/USD continued its incredible sell-off due to above average volumes, which clearly implies the bears are in total control at the current moment. Additionally, it continues to trade below its daily moving averages.

The next level of support for the BTC/USD can be found near the $300 psychological level while its resistance on the upside continues to linger near the $332 region. Furthermore, its stochastic oscillators are still trending lower and are showing no signs of potentially reversing. Lastly, its relative strength index continues its downward trend, which of course implies that there is strong bearish momentum present at this period in time.

Actionable Insight:

Short the BTC/USD at current levels for an intermediate target at $280, with a strict stop-loss above $321.

Long the BTC/USD only if it moves above $332 for an intermediate target at $360, with a strict stop-loss below $320.

LEAVE A REPLY

Please enter your comment!
Please enter your name here