BTCUSD - Analysis of 07.05.2020
In the last few hours the quotation has broken through an important annual resistance level. Everyone, including us, expected a downward reversal that did not take place, sending the short positions to a halt. Today's bull run was attributed to the fact that the miners have reduced their sales quantities over the past seven days, anticipating halving behavior.
Prices are now pointing towards 10,500, where we find another trend line, even more solid than the previous one, because it is a multi-year resistance that has accompanied us since the collapse of 2017. In addition, at this level we have already had a double high, only to collapse at the beginning of the year.
Only when the latter is exceeded will the long-term bear phase come to an end and the bullish phase, which aims for 14,000, will be confirmed.
On the contrary, if buyers are not able to bring prices above 10,500 we may see a sharp correction.
Prices are now pointing towards 10,500, where we find another trend line, even more solid than the previous one, because it is a multi-year resistance that has accompanied us since the collapse of 2017. In addition, at this level we have already had a double high, only to collapse at the beginning of the year.
Only when the latter is exceeded will the long-term bear phase come to an end and the bullish phase, which aims for 14,000, will be confirmed.
On the contrary, if buyers are not able to bring prices above 10,500 we may see a sharp correction.
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