Following the collapse of over 60% at the end of February, Bitcoin attempted a comeback from 4,000, forming an ascending wedge.
The figure bearish has been completed following the break-down of April 13; from here buyers have tried, until now without success, to bring the prices inside the figure, finding support at 6,479.6 (0,382 FIB).
In the last few hours the price has slipped below ema50, a strong resistance area that seemed to have been won in yesterday's session; in today's session prices are moving between ema20 support and ema50 resistance, which are now very close, indicating a strong compression of volatility and trading volumes.
When the peak reached in the last pump on April 18 at 7,245.5 (0.5 FIB) is confirmed with the break-down of the ema20 support level (daily closing), there will be a good chance for a pull back at 6,479.6.
If the latter support also fails, we may see a collapse up to 5,900/5,800 (EMA200 1W).
In the event of strong sales volumes, the bearish movement could extend to the 5,000 area, where we expect strong support from a very important trend line.
On the contrary, if buyers succeed in defending the psychological support of the 7,000 and therefore of the ema20 we could see a new attempt to exceed the maximums which has as its first target 7,900 (EMA200) and just above 8,000 (0,618 FIB).
In support of this bullish theory, we report a golden cross by the MA20 and MA50 moving averages on the daily TF.
The various indicators such as Momentum, MACD and Stochastic are flat, indicating that indecision reigns.
Finally, I would like to remind you that in this period of crisis the cryptocurrency market is roughly following the movements of global stock indices.
The figure bearish has been completed following the break-down of April 13; from here buyers have tried, until now without success, to bring the prices inside the figure, finding support at 6,479.6 (0,382 FIB).
In the last few hours the price has slipped below ema50, a strong resistance area that seemed to have been won in yesterday's session; in today's session prices are moving between ema20 support and ema50 resistance, which are now very close, indicating a strong compression of volatility and trading volumes.
When the peak reached in the last pump on April 18 at 7,245.5 (0.5 FIB) is confirmed with the break-down of the ema20 support level (daily closing), there will be a good chance for a pull back at 6,479.6.
If the latter support also fails, we may see a collapse up to 5,900/5,800 (EMA200 1W).
In the event of strong sales volumes, the bearish movement could extend to the 5,000 area, where we expect strong support from a very important trend line.
On the contrary, if buyers succeed in defending the psychological support of the 7,000 and therefore of the ema20 we could see a new attempt to exceed the maximums which has as its first target 7,900 (EMA200) and just above 8,000 (0,618 FIB).
In support of this bullish theory, we report a golden cross by the MA20 and MA50 moving averages on the daily TF.
The various indicators such as Momentum, MACD and Stochastic are flat, indicating that indecision reigns.
Finally, I would like to remind you that in this period of crisis the cryptocurrency market is roughly following the movements of global stock indices.