Cryptocurrency
by Seth Parker on March 12, 2018

Bitcoin is about to test the 6000 USD soon

Seems like another bad day for the Bitcoin. The main crypto totally lost the bullish momentum seen till the mid of December. The most recent drought here was caused by the price dropping below the 11700 support (green) at the end of January. This area is absolutely crucial for the technical situation here and it is getting more and more clear that as long as we are below this level, the sentiment stays negative.

What should we expect from the BTC in the next few days?

It does not look good. We did not only bounce from the 11700 but the price also went below the mid-term down trendline (red). That is a negative sign as it creates a false breakout pattern, which usually results with a strong movement in the opposite direction (in our case – south).

With the breakout of the 9200 (happening today as we speak), which is also quite important S/R level, we should see a further drop towards the main long-term support on the 6000 USD (blue). Chances that we will test the blue area again are currently relatively high.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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