Is the Bull Market Back or are the Bears Too Strong?
Updated
Hello everyone, today we have an analysis on the mother of all cryptos, Bitcoin. I'm sure you want to know as much as everyone else, is the bull market back or do the bears still have the upper hand? We have a slight chance to bounce here at $8650, however, seeing that the MACD has crossed bearish and we've had buy volume consistently slowing for the last couple weeks, I believe we will be heading to the next support down, around $8400, before we see a bounce to continue the uptrend.
Red lines represent the resistance levels we would need to break to continue the bullish trend. Ultimately, $10000 is the target resistance for us to break above.
Blue lines represent support levels where we can see a bounce.
White line represents the top of the bearish downtrend channel we broke through on 4/12.
We have a good chance of bouncing strong at the $8400 support level to continue the bull market as this is a historical support and resistance zone, however, this can be manipulated by whales should they decide to short the market.
Long term, we are very bullish on Bitcoin.
Red lines represent the resistance levels we would need to break to continue the bullish trend. Ultimately, $10000 is the target resistance for us to break above.
Blue lines represent support levels where we can see a bounce.
White line represents the top of the bearish downtrend channel we broke through on 4/12.
We have a good chance of bouncing strong at the $8400 support level to continue the bull market as this is a historical support and resistance zone, however, this can be manipulated by whales should they decide to short the market.
Long term, we are very bullish on Bitcoin.
Note
BTC managed to stay strong and above the $8400 support zone. Only dipped slightly under but you can see candle closed at the $8400 support zone and bounced from there nicely. On the way to $9000 and then $9500 after that.Note
BTC failed to break resistance at $8800 on 5/15. Major support at $8400 was broken once again and touched the $8100-$8200 range. Our next target is now $7800.Note
$7800 target has been hit. This is a critical support zone, breaking below here will take BTC down even further and 6K BTC will become a much more likely scenario.
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