Bitcoin faces the trend line resistance again, now the price action in the lower time frame shows the trend is getting weaker after halving . The past week you can see bitcoin is kissing the overhead trend line multiple times but failed to close above it. The MACD , volume shows bearish in daily.
Fundamentally, the hash ribbon seems to have another cross over down which indicates move price downwards and the best time to invest in BTC is during miner capitulation. (you should be happy if you long BTC)
In the chart I have drawn serval key support and resistance lines, plus the area (green box) to consider adding shares. Because it coincides with 0.618 and 0.5 fib level.
For the bullish case, if BTC fails to break below the support line,and keep intimating the overhead trend line, I will be more bullish until I see macd and volume flip bullish.
I will watch the price action closely for the next few weeks, probably open some short trades if we keep going down.
Fundamentally, the hash ribbon seems to have another cross over down which indicates move price downwards and the best time to invest in BTC is during miner capitulation. (you should be happy if you long BTC)
In the chart I have drawn serval key support and resistance lines, plus the area (green box) to consider adding shares. Because it coincides with 0.618 and 0.5 fib level.
For the bullish case, if BTC fails to break below the support line,and keep intimating the overhead trend line, I will be more bullish until I see macd and volume flip bullish.
I will watch the price action closely for the next few weeks, probably open some short trades if we keep going down.
Comment:
Not out of the woods yet. BTC needs to close and break above 9300 levels, and volume need to be increased to show confidence that we might go higher again. Need to be patient. In March 7th, we had a big sell-off , lets see if BTC will repeat the history again.
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