Short term Analysis of BITCOIN - Technical ONLY
Updated
After a 2018 marked by an all-time high 19,666.00 followed by a plunge of nearly 85%, Bitcoin consolidated in early 2019 before breaking upside in April 2nd. Besides, the bull trend peaked at @13880.00, marking the current high of the year. A pullback was then followed, dragging down the security to @9,600.00 and marking the supply and demand levels. Furthermore, Bitcoin consolidated tighter pressing the supply and demand levels to a smaller range. The crypto confirmed its sideways behaviour, awaiting a sharp move to define either a bull run to upper levels or a rejection to lower points.
Possible Targets: 13,200.00 (+11.4%) or @9,600.00 (-10.8%) if the bear trend is confirmed.
Advice: Stay Bullish and buy any low points while we don't break 10,800.00 bottom level.
Possible Targets: 13,200.00 (+11.4%) or @9,600.00 (-10.8%) if the bear trend is confirmed.
Advice: Stay Bullish and buy any low points while we don't break 10,800.00 bottom level.
Note
Price has turned bearish by breaking down the demand level. We are probably heading at the old demand level @9,500.Note
We are close to the downside target @9500. The bearish momentum is still strong.Note
Bitcoin is trying to consolidate around the old supply level, however the bearish pressure is still present.Trade closed: target reached
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