We are presenting an analysis of the market's Bitcoin analysis from analyst Mikar Gabowo. In the article he predicts the development of the situation in the crypto currency market: the end of the bull bull at the corrective rally is the last 12 hours.
Technical analysis shows, a rapid decline below 7,000 dollars is decreasing the rate of 7 800-8 000 dollars.
According to Bitfinix, at the time of writing, Bitcoin traded
$ 77070, returning to this level after reaching 19 in 19: 00 7 dollars 509 UTC intermediate
This rollback short-term bullish look neutral In addition, the crypto coin has created a bearish "head and shoulder" pattern, as shown in the chart below.
1 hour
The below brake below $ 750 (head and shoulder pattern neck level) will add confidence to the bearish breakout of the growing trend line and probably probably move towards a drop of $ 7,000. This means that "head and shoulders" is a drunken retrograde pattern that exceeds the revisionary growth of a minimum of 6 425 dollars.
However, some indices are still on the side of the bulls: 50-Hour Running Average (MA) and 100-hour MA Search up, and 200-hour MA gradually smoothes a bearish bias. So at the moment it seems that a drop of 7 000 dollars or below, will probably be short-term.
However, if the BTCL (UTC) closes down, the possibility of continuing corrective growth of 7 $ 800 (Obstacle channel resistance level) and $ 8 000 (psychological mark) will be intensified,
7 000 dollars
Daily Chart
Yesterday the BTCT broke the original resistance level (now it's support level) to 7 240 dollars (set to March 18), strengthening the potential of $ 800 million in the revised assembly.
Increased 5-day MA in response to inflation (a bullish favor).
However, if Bitcoin attempts at under $ 7,000 today, it will signify the failure of the BTC system, as well as $ 7 240 USD, as well as add $ 10 to $ 10, by applying confidence (carry-over) 10 days. Furthermore, a 5-day MA bearish bias will be adopted, starting the finding of the lower point.
Следовательно, BTC необходимо защитить уровень 7 000 долларов, чтобы избежать дальнейших потерь.
What to expect in the future?
Поддержка ниже 7 750 долларов может привести к откатую 7 000 долларов, хотя снижение может быстро закончиться, как показывает часовой график.
Закрытие ниже 7000 долларов будет означать, что корректирующий рост с 6 655 долларов закончился на уровне 7 509 долларов.
С другой стороны, убедительный шаг выше 7 509 долларов позволит продолжить рост до 7 800 долларов (уровень сопротивления нисходящего канала).
Vosphere