$BTCUSD Bulls are trying to break past $8K Resistance and Bears are wanting to push it back to $5K.
Decreasing Volume favours the Bears.
However, #BitcoinHalving fomo is in favour of Bulls. Few buyers makes them look weak !
Risk Reward ratio favours both - Bulls and Bears.
ASX:XAO dropped 39% from its high in Feb 2020 and has gained 15% in March 2020. With stimulus package announced earlier, Australian markets have rallied towards the month end.
A clear uptrend will not be established until we have a month ( most likely AUGUST ) that closes above XAO 5400 which is the red Resistance line shown on chart. I do not see ASX close...
Once you map previous key resistance and support levels for BTCUSDT it becomes evident that failure to form Support zone around $9.5K caused Bitcoin to plunge recently.
Currently 0.5 fib level at $8.4K is holding BTC from dropping to the $7.8K Support zone (highlighted in green box) which is also the 0.618 fib level. I would rather like BTC to form a pivot here...