Why Bitcoin needs a leg down, before breaking $5800-$6000
- $5800-$6000 is a huge resistance barrier (look at all the wicks in the red box). It has been "wicked" 5 times before breaking this level. Taking in consideration that this is the first try to break this barrier, I doubt it will.
- 50MA a resistance barrier at ~$5600.
- 50EMA + 100EMA a resistance barrier at ~$5250.
- Fib 0.236 a resistance barrier at $5366 from the drop in 12 Nov 2018
- Falling volume.
- Indecision Doji candlestick the 8'th of April followed by a bearish (so far) candlestick.
On the bullish side:
- Rising RSI.
- Rising histogram
Cons and Pros taking in consideration, I am bearish down to $4670 (200MA support on the D-chart), if that doesn't hold then $4240.
- 50MA a resistance barrier at ~$5600.
- 50EMA + 100EMA a resistance barrier at ~$5250.
- Fib 0.236 a resistance barrier at $5366 from the drop in 12 Nov 2018
- Falling volume.
- Indecision Doji candlestick the 8'th of April followed by a bearish (so far) candlestick.
On the bullish side:
- Rising RSI.
- Rising histogram
Cons and Pros taking in consideration, I am bearish down to $4670 (200MA support on the D-chart), if that doesn't hold then $4240.
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