How far the price of Bitcoin will drop? by cryptaldash

bitcoin · @cryptaldash · Nov 14 '18

How far the price of Bitcoin will drop?

[![How far the price of Bitcoin will drop.png](https://cdn.steemitimages.com/DQmZTduifj2tWcpuSM612S3MiYFqebe5nXQunS7n1mNCLZd/How%20far%20the%20price%20of%20Bitcoin%20will%20drop.png)](https://www.tradingview.com/chart/BTCUSD/vhsiOGrj-How-far-the-price-of-Bitcoin-will-drop/)


Today Bitcoin has tested the support at $6280, which previously has been rejected. This is a 427.2% Fibonacci retracement level applied to the corrective wave after the ascending channel breakout. BTC/USD still struggling to break below the support which might result in a consolidation between the $6280 and $6330 levels. 

While the price is stuck between the support and resistance , trend is considered sideways. Although it is reasonable to wait for the breakout, either above the $6330 resistance or below the $6270 support. 

Break below the support at this point seems to be more probable, since the trend is clearly bearish . In this scenario, price would reach next Fibonacci retracement level at $6230. But if it breaks above the resistance, more gains can be expected. BTC then could rise towards the $6380 or $6420 level, confided by the 127.2% Fibs, along with the price where the most trading volume had been generated previously.

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👍 cheetah, steeming-hot, amirhuda, raise-me-up

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properties (23)vote details (4)

voter	rshares	pct
cheetah	274,116,999	0.08%
raise-me-up	0	0.01%
amirhuda	0	100%
steeming-hot	90,515,495	0.5%