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After a week of heavy losses across the cryptocurrency market, Bitcoin's market leader returned to $ 7k again. Only a few weeks ago the price of Bitcoin exploded thanks to the resistance level of $ 6850, but now it is approaching this level on the opposite side. The decline has slowed as it approaches again at this level, which is giving traders a bit of respite from consecutive steep declines.
The current decline was on a lower volume but with the MACD approaching a crossover down, this would be a signal down that could provide enough momentum for a break below the $ 6850 level. .
The 50EMA graph on the hourly chart acted as a resistance point making a significant climb less likely. On the hourly chart, we can also see several $ 6850 level tests. Each new test makes this level weaker with a greater chance of breakthrough each time. This is because on every new test, there are fewer buyers to contain the price. In the event of a break above the 50EMA hours, there is also the 100EMA and the 200EMA which probably serve as additional resistance. The 100EMA is currently trading around the $ 7250 mark and the 200EMA is currently trading around the $ 7400.
Bullish scenario :
- With this drop in low volume, the wave of the drop is decreasing
- Price action is approaching a level of key support
Bearish scenario
- EMA intervention Momentum is with the bears [19659010] Every repetition of $ 6850 makes the area weaker
- MACD approaches the crossover of the line towards the negative side
| NOTE : Investing or negotiating digital assets, such as those here, is extremely speculative and carries considerable risks. This analysis should not be considered an investment advice, use it for information purposes only. The historical performance of the assets discussed is not indicative of future results. Statements, analyzes and information on blokt and associated or associated sites do not necessarily correspond to the opinion of blokt. This analysis should not be interpreted as a purchase, sale or conservation advice and should not be considered as approval or recommendation of a particular resource. |
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