All is quiet here on the crypto markets. More often than not there is some fud or news spreading around about Bitcoin or other cryptocurrencies, but this week (so far) there’s not been much.
Nothing to scare weary crypto investors but still Bitcoin remains in a precarious position.
The price of Bitcoin keeps hovering between the middle $7000 area and low $8000. But we can only hope this level doesn’t give way.
In February Bitcoin had a really heavy fall down to $6000 and it left a strong reversal pattern when it bounced.
Unfortunately those areas on charts are usually retested a second time.
Price tends to go searching previous highs or lows in the hope of finding volume. If it doesn’t find any buyers at a level then it will break and print a new low.
In February when BTC hit those lows it found plenty of buy orders stacked up. If you check a chart you’ll see that area had the highest volume for months.
This is why the level we are at now is so important. If we break and head back towards February lows then there is no guarantee that buyers will be waiting a second time.
But there could be. Fingers crossed!
News and strategies for trading cryptocurrencies