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Bitcoin finally reacts

Written by  Guest Contributor: Anthony Marks - Crypto Trader Jun 24, 2020

Bitcoin has been expected to dip in value for days now.

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 24 juneBTC/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.

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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...

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Quite a controversial opinion, do you agree? Comment below or follow us on Facebook or Twitter.

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.

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