In this blog we discuss the latest updates, technical analysis and price action of coins, in this article we are going to talk about the latest move of Bitcoin, support lines, resistance and possible new targets. Please remember that this is not a financial advice, do your own research and trade wisely.
Bitcoin today, once again, tested the support line shown in the chart, got rejected and bounced back to 15900$ levels. The support line is around 15735$, if price action holds this support line, there is no need to panic and sell because that was a healthy correction of approximately 3%. Failing to hold this support line will lead us to another dump, and as usual affecting all coins, and may lead us to 15200$ range again.
If Bitcoin stays above the support line, first resistance to face is 16360$. All indicators show that the uptrend of Bitcoin is still intact eventhough small dumps happen. Closing a daily candle above 15800$ levels, will keep us in a range of 15800-16200$.
In the link below you can see clearly the support line, and that the uptrend is still intact, the chart below is on 1 hour candle.
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Thanks for your attention,
Crypto Army
