Short term Analysis of BITCOIN - Technical ONLY

After a 2018 marked by an all-time high @19,666.00 followed by a plunge of nearly 85%, Bitcoin consolidated in early 2019 before breaking upside in April 2nd. Besides, the bull trend peaked at @13880.00, marking the current high of the year. A pullback was then followed, dragging down the security to @9,600.00 and marking the supply and demand levels. Furthermore, Bitcoin consolidated tighter pressing the supply and demand levels to a smaller range. The crypto confirmed its sideways behaviour, awaiting a sharp move to define either a bull run to upper levels or a rejection to lower points.

Possible Targets: @13,200.00 (+11.4%) or @9,600.00 (-10.8%) if the bear trend is confirmed.

Advice: Stay Bullish and buy any low points while we don't break @10,800.00 bottom level.

Comment:

Price has turned bearish by breaking down the demand level. We are probably heading at the old demand level @9,500.

Comment:

We are close to the downside target @9500. The bearish momentum is still strong.

Comment:

Bitcoin is trying to consolidate around the old supply level, however the bearish pressure is still present.

Trade closed: target reached