Bitcoin price prediction: BTC/USD facing the beast as it falls below meaningful $8231 support
- Doubts are dominating Bitcoin market
- Fear and volatility are appearing, the needed ingredients for a capitulation
African savanna aboriginals say that the safest place when a lion attacks you is where you can see him. This is the kind of knowledge that fits perfectly with the current situation of the traders in the mix of the Crypto jungle. The lion is attacking, with falls over 20% in a very short period, and critical levels are getting closer and closer, with fears spreading through the markets. We shouldn't lose track of the 'beast', keep calm and have a strategy in place for any situation that might come up.
BTC/USD Daily chart
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Bitcoin price is trading at $8179 at the time of this writing, just below 61.8% Fibonacci retracement and also below a meaningful support, at $8231. Our BTC/USD trend indicator is giving this reads currently:
BTC/USD 1H chart
If we zoom into the 60-minute chart, we can see that high trend levels are persistent. This kind of levels are too high right now, and they will eventually come back to earth, they can't stay at these current levels for much longer.
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Conclusion
Bitcoin price is in a high-tension situation, right where experienced traders place their best trades. It is not like they are sure about what is going to happen, but they know that it is in these times that just a few ones will have the guts to go for it, making the reward bigger and the risk smaller. Stops are very close, losses if things go wrong should be moderate and potential profits are very high.
As aboriginals say, "you should never take your eyes off the lion, he will always know where you are".
Author
Tomas Salles
FXStreet
Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.
