Bitcoin Battling With Key Support Level of 8,400
Well the bad news is we got a nasty red candle yesterday. The good news is price rallied to close at the support level and it is hanging on there today thus far.
Maintain the Range
Looking at the chart you can see the line drawn at 8,400. This level represents the prior breakout and our current support.
If price can rally after holding it the past 48 hours that would be bullish. If not then we will likely fall back into the prior range, which would be disappointing considering we saw price rally out of it not to long ago.
The price of 8,400 isn't a specific point, it represents an "area." As long as I don't see price close below 8,250 then I will be content that it has not broken down. Any closes below that swings sentiment bearish.
As I said, a rally off 8,400 in the coming days would definitely be bullish though.
Posted via Steemleo
I think the key level to watch is the level of the previous local high or $9400. That's the real resistance level.
Yes agreed, but if we see price close below 8,250 I think 9,400 may become an after thought and selling kicks in. Hope not! ;-)