BTCUSD Support Levels Bitfinex
As expected Bitcoin found support at the 7800 level which was determined by lows from the 9/2/18 and 21/11/17 and the 2nd arc pair. I believe that support is going to break quite soon.
I expect minor support at 7200 which is the low from 18/3. Afterwards a move towards 6700 is likely where we will face the top of a square and more importantly the critical uptrend line formed by the low from 16/7/17 and 15/9/17. Please also note that we did not touch that trend line on the 6/2/18 which is why I could not really buy that a low was in.
The worst case scenario is a drop to 4200 were we will find heavy support established by the top of a square and the .786 fib retracement from the all time high of 19900. But I believe that will not happen anytime soon.
I expect minor support at 7200 which is the low from 18/3. Afterwards a move towards 6700 is likely where we will face the top of a square and more importantly the critical uptrend line formed by the low from 16/7/17 and 15/9/17. Please also note that we did not touch that trend line on the 6/2/18 which is why I could not really buy that a low was in.
The worst case scenario is a drop to 4200 were we will find heavy support established by the top of a square and the .786 fib retracement from the all time high of 19900. But I believe that will not happen anytime soon.
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