Bitcoin BTCUSD - is a fall below $5,500 imminent ?
Hi guys,
I hope you had a good and sunny weekend no matter where you are right now. A little sun is sometimes more than enough to lift our spirit and make us feel better in these crazy days...
Bitcoin, on the other hand, just cannot have a break - it continues to struggle to find its direction and neither bulls nor bears are ready to forfeit the game.
The Friday session brought some serious troubles for bulls. BTC erased 5.6 percent of its value and dropped down to $6,383. The bear flag that was in the making since March 12 resulted in a heavy correction. The ever-declining volumes in combination with the stability of the $6,900-$7,000 resistance zone made it impossible for Bitcoin to progress further.
The first day of the weekend came with a second consecutive red candle. BTC/USD lost even more ground and closed the day at $6,257 after touching $6,032 during intraday. On Sunday, March 29, it continued the freefall reaching $5,865. The coin was 1 percent up for the week.
What we are seeing on Monday is a very different picture - the leading cryptocurrency avoided a drop to $5,500 and successfully recovered its position above $6,000 and the fast 20-day EMA. It is currently trading at $6,317 and it is the $6,400 zone we are actively monitoring as it proofed to be a major S/R line recently.
Additionally, the RSI index jumped back up from the sell zone today morning. What is surprising me is that there is no obvious trigger for the bullish momentum we are observing - the European stocks market is relatively flat and Oil is loosing, even more, ground on the first day of trading.
24-h trading volumes started dropping over the weekend and reached $24 billion on Monday morning after losing 30 percent of its power. As of the time of writing, they have recovered to the values registered on Sunday - $33-$34 billion.
On the 1h chart, BTC is once again trading above the 200-day EMA but failed to break above $6,400 in its first attempt, which resulted in a small dump in price and a return to the downtrend corridor.
Tomorrow we will once again take a closer look at the altcoin market and the leading coins...
I hope you had a good and sunny weekend no matter where you are right now. A little sun is sometimes more than enough to lift our spirit and make us feel better in these crazy days...
Bitcoin, on the other hand, just cannot have a break - it continues to struggle to find its direction and neither bulls nor bears are ready to forfeit the game.
The Friday session brought some serious troubles for bulls. BTC erased 5.6 percent of its value and dropped down to $6,383. The bear flag that was in the making since March 12 resulted in a heavy correction. The ever-declining volumes in combination with the stability of the $6,900-$7,000 resistance zone made it impossible for Bitcoin to progress further.
The first day of the weekend came with a second consecutive red candle. BTC/USD lost even more ground and closed the day at $6,257 after touching $6,032 during intraday. On Sunday, March 29, it continued the freefall reaching $5,865. The coin was 1 percent up for the week.
What we are seeing on Monday is a very different picture - the leading cryptocurrency avoided a drop to $5,500 and successfully recovered its position above $6,000 and the fast 20-day EMA. It is currently trading at $6,317 and it is the $6,400 zone we are actively monitoring as it proofed to be a major S/R line recently.
Additionally, the RSI index jumped back up from the sell zone today morning. What is surprising me is that there is no obvious trigger for the bullish momentum we are observing - the European stocks market is relatively flat and Oil is loosing, even more, ground on the first day of trading.
24-h trading volumes started dropping over the weekend and reached $24 billion on Monday morning after losing 30 percent of its power. As of the time of writing, they have recovered to the values registered on Sunday - $33-$34 billion.
On the 1h chart, BTC is once again trading above the 200-day EMA but failed to break above $6,400 in its first attempt, which resulted in a small dump in price and a return to the downtrend corridor.
Tomorrow we will once again take a closer look at the altcoin market and the leading coins...
