Atm bitcoin is getting massacred on sell preasure, yet is this fear or actual dumpers? Today we broke a support at 6857 and been going down all day and now struggles to fine any support. Atm the longterm downtrend line from 14k is now new resitance, yet in bullish news we are now in a new trading range of 6221 and 6622 which was the major acculation phase in 2018 before the dump at 3100 for are low of the last market cycle.
Due to over extend macd and rsi one would assume a bounce back should happen tonight, but with the new trading range of major acculation it is unknown where the market stands even with the halving coming up and 5200 retest could be a reality.
I would focus on a long with a spl just under 6221 or just buy btc and don't leverage trade.
For the bulls out there bitcoin would need to break above the long term downtrend line, which it has almost everytime and surpass the emas, which it has failed to do for the past couple weeks on the hourly, yet just a few minutes ago a massive buy came in showing the sellers preasure at these levels may not be as strong as we wicked the downtrend line.
Expect massive movement late tonight when Asia opens up.
Due to over extend macd and rsi one would assume a bounce back should happen tonight, but with the new trading range of major acculation it is unknown where the market stands even with the halving coming up and 5200 retest could be a reality.
I would focus on a long with a spl just under 6221 or just buy btc and don't leverage trade.
For the bulls out there bitcoin would need to break above the long term downtrend line, which it has almost everytime and surpass the emas, which it has failed to do for the past couple weeks on the hourly, yet just a few minutes ago a massive buy came in showing the sellers preasure at these levels may not be as strong as we wicked the downtrend line.
Expect massive movement late tonight when Asia opens up.
