Last week was characterized by a strong collapse of the various world stock exchanges due to the coronavirus, and Bitcoin also suffered a collapse of over 50%.
The current situation is that prices are moving in boundary range forming increasing lows and with resistance at 6000.
Just in these hours on the timeframe at 1h the moving averages 20 and 50 are about to form a bullish cross, a completion of this signal will give a positive sentiment to the market and the quote will go to retest the resistance at 6000.
If the buyers will be able to bring the prices above the latter we could see a return to 8000, the only obstacle could be the area of resistance that is between 6200 and 6400, exceeded the latter the quotation will be clear up to our target.
On the timeframe at 4h the momentum is moving into positive territory; the MACD is positive and the RSI shows the bulls ahead, but with a slight downward tilt.
On the contrary, if the quotation is rejected on the 6000 we will return to the support at 4000.
The current situation is that prices are moving in boundary range forming increasing lows and with resistance at 6000.
Just in these hours on the timeframe at 1h the moving averages 20 and 50 are about to form a bullish cross, a completion of this signal will give a positive sentiment to the market and the quote will go to retest the resistance at 6000.
If the buyers will be able to bring the prices above the latter we could see a return to 8000, the only obstacle could be the area of resistance that is between 6200 and 6400, exceeded the latter the quotation will be clear up to our target.
On the timeframe at 4h the momentum is moving into positive territory; the MACD is positive and the RSI shows the bulls ahead, but with a slight downward tilt.
On the contrary, if the quotation is rejected on the 6000 we will return to the support at 4000.