Bitcoin: Support Becomes Resistance

When bitcoin cracked 9,400 the next support level was around 8,400. Price closed there with a doji type candle (indecision) but failed to put up any fight and continued to fall lower.

Support becomes Resistance

With price getting down to 7700 and bouncing it was smart to keep an eye on 8,400 for the upside. Sure enough price got to that area and struggle and after closing lower yesterday did so again with today’s candle.

Now we wait to see if bitcoin will push lower and test that 7700 area low or if it can make another run at 8,400.

A move lower would be interesting as the 7,600 to 7,500 area is where everyone originally was looking for support on that prior move lower. There are a lot of buy order stacked in there, myself included. If that doesn’t hold than 6k is on the table.

For the upside it is 8,400 and then 9,400. Pretty simple. Let’s wait and see.

About the author: TIMM Trader
Uniting Experts & Novices for Mutual Profit!

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