Yesterday, Bitcoin price dipped below $6,500 which is a key price point for BTC. This could be a sign of an imminent slide in its value, crypto expert suggest. Crypto expert Nikola has predicted a downside breakout to a security’s price movement through resistance level which could means the price could be on the verge of a plunge.
His prediction describe more fall down. He said: am expecting a breakout from the downside because the horizontal support has already been broken today, the red triangle’s support has been broken in the past when the price found support on the symmetrical triangle’s uptrend line which was respected in the past.
If that last support gets broken then we are definitely seeing a lower low which would be below $5767 (£4,458).” He further added, it could get really bad. A key indicator which track volatility shows the extent of Bitcoin’s price range which has hit its lowest level in twenty one months in September. It could mean a possible swing in either upwards or downwards direction in near future.
BTC’s healthy price floor implies that investors has genuine interest to stop the further price drop. Bitcoin has experienced a turbulent price trend this year, as its price continues to fluctuate. At the time of writing, Bitcoin was trading at $6,573.26 (£5,083). The digital asset has performed relatively poor this year compare to September 2017.