Bitcoin analysis April 4: Going exactly as expected. What's next

One more time, I predicted exactly the zone to sell (blue arrow), after reaching 78.6% fib bitcoin was immediately rejected and fell back to the lower support of the bear flag. Note that this bear flag is still intact now. Furthermore, we can see that for the past few weeks, the 50 EMA (in blue) in very active and strong as it rejected BTC 4 times.

However, looking from another angle, I notice a battle between the Bulls and Bears is taking place in this market. Although the Bulls were able to push price to fall back everytime BTC reach 7300, the Bears were still able to keep BTC from falling lower than 6500. This also means the neckline of the H&S zone is still a solid support zone.

Today we are selling BTC from the resistance above with target at 5400 - bottom of the downtrend channel. I still prefer this scenario as the big downtrend channel needs this move to be completed.

Enjoy trading!

N.H.

Kommentera:

This analysis is on April 10, sorry for the mistake :D