The week will soon come to an end, and Bitcoin was never able to break through the resistance area of $ 3475. After a bad test line, the cryptocurrency fell below, now it is on track to support at the level of the annual minimum. If BTC does not stop there, should expect reduce up to $ 3,000.
The General situation looks like this:
- buyers failed to fix above $ 3,500. The asset is still in the persistent bearish trend;
- the 1 hour chart the cryptocurrency fell below the lower boundary of the rising channel local;
- while signals for a trend reversal of the market is not observed.
Tonight, Bitcoin is trading at $ 3425. For the past day the coin fell nearly 2 percent.
After falling to the annual minimum main cryptocurrency went through a short consolidation and then formed a rising channel. However, a long within the boundaries of the channel Bitcoin did not last and once again rushed down. One of the main obstacles to growth in the scale of 1 hour graphically moving average SMA 100.
Now the path of least resistance — another drain. The only question is whether he’s strong and how he would stretch phase accumulation of cryptocurrency. We will remind, some experts believethat this process could drag on for six months.
The readings of technical indicators look quite attractive to open short trading position. MACD is again in the bear zone, and RSI is still far from oversold, so the market while there is a place for the fall.
In order not to fall into the trap of whales, do not open long positions in the near future. The temptation to buy Bitcoin at a low price is long, but the last time this bottom believed the level of $ 6,000. The upward trend in the medium term will form only after a steady growth above $ 4,500.
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