Bitcoin just took a massive dump over the last 24 hours. What's in store for bitcoin and cyrpto in general? Here's what I think.
It won't go very much lower in my opinion. I still stand by this article I wrote a few days ago. https://www.publish0x.com/the-loony-llama/bitcoin-about-to-repeat-explosion-with-safety-net-explained-xvxdjn?a=olejV24ejN
If you didn't read it that's okay. The chart below shows two lines of support. The one Btc just bounced off of was around 7600, this support is not all that solid and I wouldn't at all be surprised if it dumped below it. However below that one is an extremely tough support line that I highly doubt it can go below. That line of support has held solid for over 4 years. It has been tested a few times and has always held. The very lowest I see it going in the near future is around the 7640 area. If it goes much below that and breaks the 4 year long support line then we could be in big trouble, Bitcoin could drop really low. But don't worry the likelihood of that happening is very small.
The first arrow (for the image above) is a weak'ish resistance line, however the 2nd arrow is the extremely solid resistance line. For my money I'm getting ready to place a large margin long order. I'm going to wait to see if it can touch the bottom support and then place my order. If we start seeing some sharp green bars and large volume than I will also open my long trade even if it doesn't hit the bottom. Below shows the 4 year support line.
Short and sweet. That's all I've got for ya tonight. Hopefully I'm right. I'm pretty confident in this call. Thanks for reading, and let me know where you think Bitcoin is going in the near future.
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My previous article on Bitcoins future https://www.publish0x.com/the-loony-llama/bitcoin-about-to-repeat-explosion-with-safety-net-explained-xvxdjn?a=olejV24ejN
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