I am going to break one of my rules and I am ready to short Bitcoin!!
After a bullish run we have seen a consolidation move that has lasted around 2 months. The strong support at 9950 ha been tested many times, the last of which was a very strong bearish move followed by a weak recovery to touch the MA50. RSI has been losing strength during those 2 months and I believe this is a sign that Bitcoin could break down for the time being.
That being said, we are being faced with various levels of support. The first one will be the trendline from beginning of April (start of bullish run) at around 9300 which is also a weak horizontal support, then we have support at 8400, if thats broken we will face MA200 and the very strong support at 6000. I believe we can see Bitcoin back at that level before it resumes another bullish run.
Trade safe my friends!!
After a bullish run we have seen a consolidation move that has lasted around 2 months. The strong support at 9950 ha been tested many times, the last of which was a very strong bearish move followed by a weak recovery to touch the MA50. RSI has been losing strength during those 2 months and I believe this is a sign that Bitcoin could break down for the time being.
That being said, we are being faced with various levels of support. The first one will be the trendline from beginning of April (start of bullish run) at around 9300 which is also a weak horizontal support, then we have support at 8400, if thats broken we will face MA200 and the very strong support at 6000. I believe we can see Bitcoin back at that level before it resumes another bullish run.
Trade safe my friends!!