about market sentiment to make calculated wise predictions about future pricing. When considering entering a trade, it is not recommended that you only rely on technical analysis. Bitcoin image via Shutterstock, the leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Just my two cents on asics. A move below 7,823 would indicate the rally from the April.
As of writing, BTC is changing hands at 8,310 on Bitfinex. A failure to hold above the descending trendline support (former resistance) of 8,230 could yield a drop to 7,823 (April 17 low). Click here to start trading on BitMEX exchange and receive 10 discount on fees for 6 months. Every time the coin approaches that ceiling, it encounters the supply stacks and goes back. Once the coin reaches close to that level, a floor of buyers is created. The target resistance level to beat yesterday (long-term descending trendline) was 8,285. Note: False breakouts occur when a breakout happens, but the trend doesnt change. Crypto assets might be substantially volatile, and watching. It is recommended that you deepen your knowledge in the field if you wish to implement tech analysis: indicators, Fibonacci levels, patterns (triangles, for example and more. Crypto traders have several tools to assess the cryptocurrency market.