Bitcoin reached all time high at $24312 and all the non-crypto believers hated themselves because of it. Many investors and traders believed that BTC is just a bubble that sooner or later will pop and disappear! Pretty crazy when you see that they were saying the same thing when it reached it's all time high. 

I'm not gonna talk and talk about Bitcoin and the rumours about it...if you check the whole crypto news are about Btc this and Btc that. In my eyes most of them are just click baits. 

So I'm going to dive into technical analysis: 

Before the huge push upside, Btc found support in the previous strong Weekly resistance area on the 18985 and broke the Daily resistance at 19745.

Since than we reached all times high in 24.3K! But now another phase of rumours are coming up that Btc will melt down. 

One thing that I mention in all my technical analysis is that after every push price needs a correction, it is a inevitable thing that no matter the push it always should happen. 

So BTC is dropping, what now?

It is perfectly normal, no price should go in just one direction. It just can't happen that way. To dive into more details, price will come back for correction until many big investors will find a good enough price to buy again, and that's when it will shoot upwards again. 

Ok, let's drop down and see what price action is telling us! 

Price is in between two minor zones (22533 and 23409), and that's because these are all new areas in which we don't have any previous history. Price touched 21860 and got rejected to go any further down giving us a nicely bullish candle or as known Hammer, which indicates a bullish move. Anyways 23409 has been holding it down ever since and price is having difficulties to move higher. 

What to expect?

First case scenario is price fails to break 23409 and moves further to the previous Daily Support at 19745 from where many investors will be comfortable enough to put their money into Btc. 

Second case scenario

Price breaks above 23409 retests it and moves higher at the 30k area! 

This is what I expect to happen to BTC. 

What do you think will happen with Btc, let me know in the comments below. 

theatdhe!

Catch with me in Leofinance