For those of you wondering why the Bitcoin lost some ground in the last
few hours, the reason is simple. If you trade the currency markets using
technical analysis you will realize that the Bitcoin is currently at a
decision level i.e it is testing previous high point. In November 2013
the Bitcoin reached a high of about $1090 dollars per Bitcoin. It then
fell and continued falling until it was valued at $172 dollars per
Bitcoin.
In November 2015 it then picked up momentum and since then the
Bitcoin has been bullish moving up). Now we are back to that same level
of 2013. Two things can happen. The Bitcoin price could drop a little
lower to maybe the $779.50 support level before continuing to push
higher or we could miraculously break though the previous high and keep
moving up.
Only the market can decide where it wants to go but Just
understand that markets don't just move straight up or down It usually
ebbs and flows.
Update!
I shared this at the beginning of the year with some Bitcoin investors on our Telegram group. This was just my own view based of the technical analysis that i performed.
Fast forward a few weeks later...
As You can see, the 779.50 was respected and the market has started moved up. Will this move be sustained and are we going to break the previous highs? the truth is "i don't know" only the market knows that. But its just good to know how accurate your predictions can be once you master the art of technical analysis.
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