It did seem to defy expectations and resisted a drop despite the technical indicators showing a downward trend. Anticipation of a sizeable drop has been on the cards.
BTC/USD 4 day chart by Tradingview
This may be just the start of a further prices loss according to crypto experts online.
But, I can't not compare recent price movement to the major stock market. As I have investments in these market too and it seems generally speaking if the bitcoin is trending downwards significantly so are the major markets.
It could find support at around the $9000 range but it doesn't seem likely for now at least.
The most probable resistance point is around the $8500 level.
This is all a double edged sword to me as I am selling a small amount of bitcoin at a profit at the moment, but my long term investment in bitcoin is shrinking a little for now.
What do you think? Comment below...
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Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Cryptosavvy.co.uk. Readers should do their own research before investing funds.