BTC/USD – Bitcoin is Falling! Where is The First Support?
Bulls should be patient and wait for the best possible entry. If you open the hourly chart, you will find that Bitcoin is experiencing a downtrend (chart bellow).
Blue is previous day high, red represent previous day low (support).
So, where is the first support for this downtrend? Take a look at the (first chart – daily), and you will understand that the first obstacle is exactly at the support line indicated on the chart above (first chart).
If you are in sell position consider support as take profit.
If you haven’t opened the trade yet, this is not the best time because the price is currently between the trendline resistance and the support line on the chart (daily chart).