The prices are now weak and near the support region, in trading supports means a level from where the price can go up.
The BTC prices have fallen lower and the support region between the $7800 (Rs. 897,000) and $8000 (Rs. 920,000) regions is under threat once again. It remains to be seen whether the decline in price would continue to be able to hold on to this region and push the prices or would they clasp under the pressure and give off their control to the bears, in trading beans buyers how can raise the price. While we were quite hopeful that the buy pressure remained in control, we were also apprehensive of the length of time that the market has been taking to move the prices higher. We believe that what we were seeing was accumulation but the length of time of the consolidation and ranging has led to tiredness among the traders and the investors who were weak and who do not have the capacity to hold on for long.
Looking ahead to the rest of the day, the biggest point of interest for the traders would be to see whether the Bitcoin-BTC prices would be able to hold on to its support region. So a consolidations in price is expected, Bitcoin Price maybe stay in range (Rs.897,000 to 920,000)