After glorious breakout from symmetrical triangle we got yesterday on June 2, price of bitcoin failed to hold above major resistance at 10k, and got a violent breakdown straight back to symmetrical triangle, founded support right on MA200 (Moving average) 4h chart $9150-$9250 USD, and bounced back up straight to EMA26 (Exponential moving average) and EMA12 Accordingly $9500-$9600 USD acting as resistance right now.
If bulls fail to push Bitcoin over $9600-9700 USD (above triangle diagonal resistance), the death cross on EMA12 and EMA26 will highly likely occur, leading for further decline in value and leading to another retest of 200MA $9300 USD, so losing 200MA on 4h chart will lead us for retest of lower supply zones.
RSI 14 (Relative strength index) , printed a massive bearish divergence which have already played out on the moment of writing. Still it is early to tell have downside momentum declined and will the bulls take their opportunity to continue bullish run or the bears waking up from their hibernation.
Overall trend remains highly bullish on larger timeframes… But the diagonal resistance we are facing right now at the $10500 USD area, makes me cautious. This is quite strong area, taking start since $20000 USD ATH, and it holded a lot previous rallies and broke many bulltard dreams in the past. Strong close above this area , and the price of bitcoin will likely surge and test liquidity supply above.
If bulls fail to push Bitcoin over $9600-9700 USD (above triangle diagonal resistance), the death cross on EMA12 and EMA26 will highly likely occur, leading for further decline in value and leading to another retest of 200MA $9300 USD, so losing 200MA on 4h chart will lead us for retest of lower supply zones.
RSI 14 (Relative strength index) , printed a massive bearish divergence which have already played out on the moment of writing. Still it is early to tell have downside momentum declined and will the bulls take their opportunity to continue bullish run or the bears waking up from their hibernation.
Overall trend remains highly bullish on larger timeframes… But the diagonal resistance we are facing right now at the $10500 USD area, makes me cautious. This is quite strong area, taking start since $20000 USD ATH, and it holded a lot previous rallies and broke many bulltard dreams in the past. Strong close above this area , and the price of bitcoin will likely surge and test liquidity supply above.