This morning I woke up and I was like "Hmm, BTC is green again ! I hope it holds above 7000$. If it holds, it should consolidate a bit before shooting up ! If it doesn't we enter a pretty nasty bearish scenario." Well needless to say what happened next - an extremely aggressive seller(s) pushed the price down by more than 400 points in one hour! The selling volume was pretty high and buyers didn't want to step in and save the day.
Good news are that we managed to close over the 50-day on the weekly chart ! This was crucial as the last time we were under the 50-day SMA on weekly chart was back in 2015 ! LOL. The previous two weeks we managed to bounceoff the 50-day and close above it. Unfortunately with todays candle we are still in the danger zone regarding the 50-day.
What's Next ?
- 6600$ Is The level to watch - If we break it we might tank below 6000$ pretty fast
- Bulls will do whatever they can to reclaim the 7000$ level.
- Bears are doing a great job. Their selling is very well calculated and they are very smart in their timing and how it will look on the chart.
To be honest this chart looks bad... Every test for the 6600$ level is weakening it and also we should note that the green bars are made on a relatively low volume and red bars are on a higher volume.
What's your thoughts on the matter ? How do you see BTC in April ? Let us know in the comments :P
This is going to be part of the usual pattern we have seen, since the Btc futures were introduced. I think there will be higher sell volumes, than buy volumes, until after the 18th, but a bounce after the 18th. Late April and May will be bullish, imo.
I hope it will ! Bear markets can last for years though :) Everybody is anticipating a rally after the first half of April, so I guess there will be a rally :)
I think we will $6,000 pretty soon, not necessarily a bad thing as it should clean out some of the weaker hands. I am a buyer below 6k.
That's also my opinion. I think this would be a good thing in general.
Thanks for your honest analysis, was also slightly optimistic the morning, but the bearish trend continues to proceed. Hope that all "bears" and sellers will somehow get rid of all their BTCs, in order to calm the market down.
At the moment there aren't enough buyers. Hopefully selling will seize soon and buying will start. Thanks for commenting
I think if BTC goes lower than $6,000 that could the confirmation of a full bear trend since that means double bottom doesn't play out.
I do think that BTC overall is still bearish and I have a feeling this breakdown pattern will go for quite a while. Since so far we've seen lower lows and lower highs.
Let's see how long people will HODL BTC from the $20K!
After 15th of April, everyone expects to be a rally, but I think the real expectation will be met after 15th of May.