Unreasonable Euphoria Can Play a Cruel Joke on BTC Investors.

For the second day in a row, the bulls are enjoying continued success, but let’s first look at the chart and then look truth in the eye - bears have not yet mounted an active resistance. This is not because the market ran out of sellers, they are just waiting for the right moment to open short positions.

Over 24 hours, the total capitalization increased by $15 bln, to $275 bln. Bitcoin -0.89% dominance, on the contrary, fell by five tenths and is now 45 percent, which indicates that funds are starting to be transferred from the main asset to the altcoins.

During the previous day's trading, Bitcoin -0.89% price rose to $7,500, with a subsequent relatively slight fallback to the level of $7,250. Once again, we want to emphasize that growth remains quite organic for now, which means that big players have not influenced the price yet. This theory finds confirmation in trade volumes, which continue to decline.

Today, first and foremost buyers need to maintain achieved positions, namely, not to let prices drop below $7,240. This is the point of intersection for the most significant mirror level in the past three weeks and the 0.786 Fibonacci retracement .

If the buyers’ battle mission is not completed, then it is highly likely that Bitcoin -0.89% , and the rest of the market with it, will resume its decline...

For continued growth, first the bulls need to overcome the boundary of the nearest descending channel . The key point on the chart is the intersection of the last boundary of the global descending channel , the ascending channel and the strong mirror level. It would seem that this arrangement is lacking some Fibonacci harmony value, but it is there- 0.5 of the leverage from March 21 to April 1.

The price expression of this point is $7,840, and the bulls need to be there by April 6. In case of an upward break, we will be able to confirm the formation of a new growth trend, but until then the markup speaks for itself, Bitcoin -0.89% is still in a state of decline.

Check my detailed analysis HERE