Bitcoin is the hottest topic around at the moment, and it’s easy to see why – it’s full of volatility.
Pro traders from all around the world are trying to plot where it will go next, but we’re fairly convinced that it’s got a strong chance of heading downwards.
Bitcoin Stuck in Bearish Trend
If you take a look at the mid-term charts, Bitcoin is stuck in a downwards bearing trend, and it’s starting to approach the key resistance level.
This resistance level is continually decreasing and it’s currently sat at around the $9,300 level.
If Bitcoin gets rejected at this level, it will remain in the trend and will likely continue to head down, falling to the $8,000 level.
If this does become the case for Bitcoin, we will see the bears take a firm hold of Bitcoin and we could see a lot of negative price action.
However, if Bitcoin manages to break through the resistance at $9,300 and hold onto it for a day close, then there is a chance Bitcoin could break out.
Unfortunately, without a catalyst such as a huge government announcement about Bitcoin, or crypto in general, we can’t see this happening – the bulls are holding on too firmly.
How Low Can It Go?
If the logarithmic best buy zone is anything to go by, we could see Bitcoin sliding as far as $7,000 or as high as $8,500.
Historically, when the bears take hold, Bitcoin slides down into the logarithmic best buy zone and then rallies significantly.
If this is the case, don’t expect Bitcoin to hang around in this low price for long as it will quickly bounce back, turning from bearish to bullish in a matter of hours.
If you’re going to try and take advantage of this price action, you will need to be quick.
Alternatively, you can use trading algorithms or place limit orders in the book to ensure you can take full advantage of any bearish movement.
What Should I Do?
If you’re a Bitcoin casino player looking to cash in on this price advice, then there are two paths you need to consider.
If you’re looking to offload some Bitcoin following a big win – are you playing at BitStarz? -then you’re going to want to consider selling pretty soon.
The next step in the trend is at $9,300, and if it gets rejected, it’s going to be one steep ride down.
If you want to play it safe, don’t miss out on this good price now and consider a quick sale at market price.
On the other hand, if you’re looking to top up your Bitcoin casino wallet, then you might be wise to wait a couple more days.
The trend it set to be tested in the coming days, and if it does get rejected, you could be picking up Bitcoin for $8,000 rather than $9,000 – hello fire sale!
All Eyes on Bitcoin
Over the next few days, all eyes are on Bitcoin and the trend line.
If Bitcoin can limp over the $9,300 trend line and remain in place, we could see the end of this stale and boring downwards action.
Unfortunately, we’ve got a gut feeling that the charts are right and Bitcoin is heading nowhere but down.