Bitcoin cryptocurrencies are again testing an important level of support located in the price region of $ 7,500. Due to the general weakness of cryptocurrencies in recent times there is a high probability of breaking the indicated level. The implementation of this scenario opens the way to an attack on the level of much lower areas.

Picture 1. Technical analysis, bitcoin, H1,28.03.2018

The possible continuation of the southbound movement and breaking the above-mentioned area may lead to an attack even around the levels grouped around $ 6,000.

Picture 2. Technical analysis, bitcoin, 28.03.2018

If the demand is able to defend the level of $ 7,500, we will see a formation of double bottom and response at least close to the local downward trend line.

Risk Warning: The content of this analysis is for informational purposes only and does not constitute investment advice.

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