5750 
USD per BTC is my current MAX Bottom target.
The price could rebound before this however, because RSI is Oversold.
I do actually believe that global events/news + a concentrated effort by wealthy individuals/groups to push the price of BTC down, is the bigger cause of this price decline, something that cannot be accurately predicted by technical analysis.
I will try to explain my analysis more, and post updates soon, if time allows.
USD per BTC is my current MAX Bottom target.The price could rebound before this however, because RSI is Oversold.
I do actually believe that global events/news + a concentrated effort by wealthy individuals/groups to push the price of BTC down, is the bigger cause of this price decline, something that cannot be accurately predicted by technical analysis.
I will try to explain my analysis more, and post updates soon, if time allows.
Note
As I mentioned earlier: "global events/news" ... "is the bigger cause of this price decline"Today's price drop wasn't likely a naturally ongoing price correction, but more due to negative news (each subsequent story conveniently timed) working to push crypto prices further down.
Ban Complete: China Blocks Foreign Crypto Exchanges To Counter ‘Financial Risks’
cointelegraph.com/news/ban-complete-china-blocks-foreign-crypto-exchanges-to-counter-financial-risks
Bitcoin Dips Below $7k Amidst News of China’s Full Ban of Cryptocurrency Exchanges
cointelegraph.com/news/bitcoin-dips-below-7k-amidst-news-of-chinas-full-ban-of-cryptocurrency-exchanges
Again, as I mentioned:
"something that cannot be accurately predicted by technical analysis" alone,
however, we can use TA to estimate support levels where even negative global news will have a difficult time pushing the price lower.
Additionally, most of the current and recent sellers are likely newcomers into crypto, many of whom bought in around all-time-high prices.
This correction will shake out a lot of the weaker traders, while lots of strong, experienced crypto holders will refuse to sell any lower.
Strong sell resistance will be met very soon.
Now is a good time to keep Holding and/or Buy.
(I am doing both)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.