Bitcoin broke below the $6,235 support and is now testing the $6,115 support. This is a key area that needs to hold. If price decisively breaks below $6,115 (especially if the prior $6,040 low is taken out), it will likely drop to at least $5,800.

The 4 hour RSI is extremely oversold. This suggests a possible small bounce. That said, with the overall chart looking bearish, I wouldn’t try and capitalize on it until we see more signs of a bottom.

Zooming out on the weekly chart, we can see a strong demand zone between $5,775 and $5,450. There are likely many buy orders sitting in that area. If price does break down, this is where I’d have buy orders stacked and waiting. Just be sure to have a very tight stop-loss. If $5,450 is broken, price could quickly drop to $4,500.

In today’s video analysis I discuss, key areas to watch, trading strategy, short term price movement and so much more. I hope you find it helpful.

Video Analysis:

I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!

Workin

Disclaimer: I am NOT a financial advisor and this is NOT financial advice. Please always do your own research before investing. 

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Responses

      1. Zeus69

        Tongue and cheek comment, your articles are fantastic, I would never even try and attempt at competing buddy, I write when inspired and when I get the chance. 😉 I compete with myself.
        Regards,
        Mark (Zeus69)

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