A brief analysis on bitcoin (1H).
In my opinion the bulls have lost momentum and will not be able to break the $5350 resistace without a correction.
OBV shows us that the selling volume has been surpassing the buying volume, MACD and RSI recently crossed to the bearish side and they do not demonstrate strength to react.
I am projecting a drop to at least $5000, which is 0.618fib from the last upward movement and also coincides with the 200MA region (1H).
In my opinion the bulls have lost momentum and will not be able to break the $5350 resistace without a correction.
OBV shows us that the selling volume has been surpassing the buying volume, MACD and RSI recently crossed to the bearish side and they do not demonstrate strength to react.
I am projecting a drop to at least $5000, which is 0.618fib from the last upward movement and also coincides with the 200MA region (1H).
