Bitcoin markets broke down significantly during the week, slicing through the bottom of the hammer from the previous week, and the vital $8000 level. The market breaking down below the $8000 level is a significant turn of events, and it opens up the door to the $7000 level, followed by the $6000 level. That’s my target now, the $6000 level as it has been a major support level in the past. Every time we rally, it’s likely to continue to offer value in the US dollar that traders will be willing to take advantage of.
Bitcoin markets broke down significantly during the week, slicing through the bottom of a hammer from the previous week. Because of this, it’s very likely that we are going to go down to the ¥700,000 level. That is the major support for the overall range that we have been in, but right now it looks very likely that we could not only test that level, but it’s also possible that we could break down below there and continue to go even further to the downside. The way this market is acting, it seems like a simple trade: sell every time it rallies and show signs of exhaustion. The ¥1 million level above is the “ceiling” now, and it’s likely that we will struggle to get above there anytime soon. I think that it’s likely that we will continue to see plenty of selling.
BTC/USD Video 28.05.18
This article was originally posted on FX Empire
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