Bitcoin's (BTC/USD) bearish price action has been very apparent. During this downswing, there has been consolidations that still gave clues to further downside in BTC/uSD. During the 3/18 session, price continued to slide into new lows on the month.
BTC/USD 1H Chart
- As we can see on the 1H chart, price broke an Asian session consolidation during early part of the 3/18 US session.
- This dip turned the overnight support of 7565 into a potential resistance.
- If we see price rally during the 3/18 session, we should monitor 7565.
- Inability to push above 7565 could open up further downside during the 3/19.
- Remember, Bitcoin was way over-hyped in December, and possibly even during the summer.
- While I believe the $5800-$6000 support will hold, it should not be surprising if price does go back to $3000.
- Such is the volatility of this space and we can only accept it be prepared.