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Bitcoin in trouble

My last employment day is looming and I’ve been very busy last couple of weeks. But I feel urge to post about bitcoin again as many concerned friends asking for advise.

Now, to put it simply – this is time for concern. Recent price action does not look good and things can turn ugly. I am not saying they will turn ugly, however, one should carefully watch its bitcoin investments in the coming days.

BTCUSDDaily

Bitcoin daily chart

On a daily chart, right now we are on the bottom of dynamic support configuration. It may prove to be a buy level as price may bounce from this level – but watch carefully ! If price breaks down the 7600 support – and especially if it stays there for next days – then it is time for serious thinking. Further price action may prove turning this support to resistance – I  am specifically looking at next level – 6960 and previous bottoms of the price, i.e. 6500 and 5990 (approximate levels as usual). If those fail too, then expect panic selling and I do not see any meaningful support all the way down.

BTCUSDWeekly

Bitcoin weekly chart

As can be seen from weekly chart, “further down” means 2200 !

Now again – I am big fan of crypto industry and all things bitcoin. But years of  trading experience taught me to be cautious. Nothing is ever certain on markets and therefore – watch closely charts in the coming days. It is very crucial price level.

Happy trading !

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