Support and Resistance Levels for Bitcoin - Forex News by FX Leaders
The closest highs and lows on Bitcoin

Support and Resistance Levels for Bitcoin

Posted Thursday, July 5, 2018 by
Skerdian Meta • 1 min read

 Bitcoin has been on a steep downtrend this year as the crypto market continues to slide after last year’s crazy surge. Although, in the last several days, the downtrend has stopped and we have seen a retrace up take place.

The previous low was broken in Bitcoin, but the price moved back up above it. As a result, Bitcoin has formed some support levels nearby as well as some resistance levels above. Let’s have a log at these levels.

Support

Resistance

$6,360 – 20 SMA (grey)

$6,700 – The High This Week

$6,000 – Previous low

$7,000 – 200 SMA (Purple)

$5,750 – Current Low

$7,650 – 100 SMA (green)

$5,000 – Big Round Level

$8,000 – 50 SMA on Weekly

 

The retrace up looks complete since the stochastic indicator is overbought on the daily chart. If you planning to sell, then you should use the resistance levels as entry points and the support levels to look for a way out. If you are buying, then watch the price action at the resistance levels. If Bitcoin acts weird, then it might be time to get out before a bearish turnaround, if you have bought in the previous days. keep in mind that these are rough levels since the volatility is elevated in cryptocurrencies and not all brokers have the exact same prices

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of