This analysis is a trading idea, not a trading signal for you.
My own trend direction estimation, entry point, stop loss and take profit levels are on the chart.
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This actually looks like a slowdown of bullish momentum overall to me. It has rejected the daily SR zone of 1684.68 multiple times and is becoming overbought on higher timeframes. We may see another stutter step before another move toward the downside.
Also we can see a Trend/Resistance Line where the price retested it and got back down. Also we could see a nice daily candle close which shows us this Key Level is a valid Demand Zone . It would be important now to look the lower timeframes for price action confirmation in order to catch the right direction.
After a lower high last month (Feb. 2020), prices are now moving below
Since a lower high was hit, the next target on the monthly timeframe is now or $5650.
I just posted a few alt analysis, showing that things might be bearish short term, but with all i mentioned that Bitcoin is still very neutral at the moment. An hour ago we had another attempt to break up from this triangle but again it got pushed down.
