Hello all,
I hope you are all doing well. Special shout to my friends across Europe celebrating both Catholic and Orthodox Easter these days.
Going back to bitcoin, no major changes on the setup as the leading cryptocurrency is still hovering around $6,700. As I mentioned on my Monday update, this level can serve as temporary support, but I don't consider it stable enough to confront any serious pressure from bears if such is to come. My personal opinion remains unchanged - I think we will re-test $6,400 and rebound from there aiming for $7,000 as our Phase 1 before Phase 2 - $7,700.
On Monday, April 13 we were trading in the wide range between $6,900-$6,550 before closing with a loss to $6,869. The Tuesday session was less volatile and bears avoided further losses by fighting back of $6,770 to end up the day at $6,881. What is interesting here is that bulls even managed to push the price to $7,000 during intraday before suffering a rejection there.
Trading volumes were relatively stable in the $37-$40 billion area on the first day of the week and early Tuesday then dropped back down to $32-$33 on Wednesday. RSI index is going out of the buy zone now.
On the 1-h chart, BTC was gravitating around the $6,770 line, but started to lose ground yesterday afternoon and is now moving in a tight downtrend channel and more recently it is finding is bottom at $6,700 on this timeframe. So, let's look at how things will develop here with more attention.
Cheers,
I hope you are all doing well. Special shout to my friends across Europe celebrating both Catholic and Orthodox Easter these days.
Going back to bitcoin, no major changes on the setup as the leading cryptocurrency is still hovering around $6,700. As I mentioned on my Monday update, this level can serve as temporary support, but I don't consider it stable enough to confront any serious pressure from bears if such is to come. My personal opinion remains unchanged - I think we will re-test $6,400 and rebound from there aiming for $7,000 as our Phase 1 before Phase 2 - $7,700.
On Monday, April 13 we were trading in the wide range between $6,900-$6,550 before closing with a loss to $6,869. The Tuesday session was less volatile and bears avoided further losses by fighting back of $6,770 to end up the day at $6,881. What is interesting here is that bulls even managed to push the price to $7,000 during intraday before suffering a rejection there.
Trading volumes were relatively stable in the $37-$40 billion area on the first day of the week and early Tuesday then dropped back down to $32-$33 on Wednesday. RSI index is going out of the buy zone now.
On the 1-h chart, BTC was gravitating around the $6,770 line, but started to lose ground yesterday afternoon and is now moving in a tight downtrend channel and more recently it is finding is bottom at $6,700 on this timeframe. So, let's look at how things will develop here with more attention.
Cheers,
註釋
Going as per plan for now - $6,700 did not hold, so all eyes on $6,400.註釋
That was unexpected...so we avoided going down below the mid-$6ks and are now trading around $7,000, the upper end of the S/R zone and also where the 50-day EMA is on daily註釋
I don't think we are still out of the woods btw, not until we close above that EMA and $7,150-$7,200
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