BTC price evaluation: Where are we at?

Today caps off an interesting and eventful week of price action for Bitcoin. BTC currently sits at roughly $3870 on Blockmodo at the time of this writing. But where are things headed?

One of the most pressing questions right now wonders if Bitcoin’s price has bottomed yet, signalling a price reversal for Bitcoin, as well as the market.

Current sentiment seems to speculate a drop below $4k for BTC. This begs the question – if too many people are expecting that move, will it really happen?

So what are the charts saying?

A quick look at the logarithmic daily candle chart shows an interesting trend line, dating back to March of 2017 and earlier. It would be interesting if Bitcoin were to respect this trend line.

Image Courtesy: Tradingview.com

Going back to the linear daily chart, Bitcoin almost tapped the $4,023 (roughly) support line a second time. This could possibly indicate some type of double bottom for a market reversal, although price was slightly shy of touching the drawn support line. (But exact support lines do indeed vary from person to person, depending on who drew them.)

Image Courtesy: Tradingview.com

Going down to the hourly chart shows yesterday’s pennant broken to the downside. Although price still appears to respect the upper pennant trend line. Price has been ranging between roughly $4k and $4.6k.

Image Courtesy: Tradingview.com

Tommy Mustache on Twitter posted about Bitcoin’s previous price falls, submitting that Bitcoin is currently right in line with previous numbers.

John McAfee also posted an interesting comment on Twitter, comparing current crypto markets with Amazon, referencing the famous dot-com bubble, in a tweet looking more at the big picture of the current situation.

One thing is certain –  no one knows what tomorrow will bring.

*This article includes opinions from the author and is not in any way financial advice. Writing about price levels/charting is purely speculation, subject to speculatory and other bias. Nothing written is any kind of advice whatsoever.

*Crypto Insider is sponsored in part by Blockmodo. as part of our arrangement with them, Crypto Insider may occasionally link to, and quote, Blockmodo when appropriate. this is done at the discretion of our staff. Crypto Insider sponsors have no say in any of our editorial decisions.

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