Why Bitcoin needs a leg down, before breaking $5800-$6000
- $5800-$6000 is a huge resistance barrier (look at all the wicks in the red box). It has been "wicked" 5 times before breaking this level. Taking in consideration that this is the first try to break this barrier, I doubt it will.
- 50MA a resistance barrier at ~$5600.
- 50EMA + 100EMA a resistance barrier at ~$5250.
- Fib 0.236 a resistance barrier at $5366 from the drop in 12 Nov 2018
- Falling volume.
- Indecision Doji candlestick the 8'th of April followed by a bearish (so far) candlestick.
On the bullish side:
- Rising RSI.
- Rising histogram
Cons and Pros taking in consideration, I am bearish down to $4670 (200MA support on the D-chart), if that doesn't hold then $4240.
- 50MA a resistance barrier at ~$5600.
- 50EMA + 100EMA a resistance barrier at ~$5250.
- Fib 0.236 a resistance barrier at $5366 from the drop in 12 Nov 2018
- Falling volume.
- Indecision Doji candlestick the 8'th of April followed by a bearish (so far) candlestick.
On the bullish side:
- Rising RSI.
- Rising histogram
Cons and Pros taking in consideration, I am bearish down to $4670 (200MA support on the D-chart), if that doesn't hold then $4240.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.