So we can see that Bitcoin is now stuck between resistances (around 7.1k to 7.25k) and support (just a bit under 7k) since almost 5 days now... What could happen ?
Well first let's make things clear.
RESISTANCES :
-Long uptrend line (turquoise). This line was a strong support for months and is now acting as resistance -- Strong resistance --
-300 daily simple moving average (yellow line) -- Strong resistance --
-78% fib retrace -- Medium resistance --
SUPPORT :
-50 WEEKLY simple moving average ((pink line) this is an estimate line because we're not on the weekly chart...)) -- Strong support --
NOW WHAT ?
So who will win this price battle..? It's really hard to say. However, we can clearly see on every BTC charts that Bears are still in control of the price action. Bitcoin is still in a bear market for now. Also, BTC seems to face more resistances than support and we can also see a bear flag with declining volume on the daily chart, which is bearish. So things still look very bearish now and I think Bitcoin is more likely to break support than resistances in a near future.
This will be a very interesting fight !
Stay tuned for more updates,
Fred
Well first let's make things clear.
RESISTANCES :
-Long uptrend line (turquoise). This line was a strong support for months and is now acting as resistance -- Strong resistance --
-300 daily simple moving average (yellow line) -- Strong resistance --
-78% fib retrace -- Medium resistance --
SUPPORT :
-50 WEEKLY simple moving average ((pink line) this is an estimate line because we're not on the weekly chart...)) -- Strong support --
NOW WHAT ?
So who will win this price battle..? It's really hard to say. However, we can clearly see on every BTC charts that Bears are still in control of the price action. Bitcoin is still in a bear market for now. Also, BTC seems to face more resistances than support and we can also see a bear flag with declining volume on the daily chart, which is bearish. So things still look very bearish now and I think Bitcoin is more likely to break support than resistances in a near future.
This will be a very interesting fight !
Stay tuned for more updates,
Fred
Zlecenie aktywne:
For now bears win the battle and resistances rejected the price
