BTCUSD is trading at the $4032 price level after setting a high of $4005 yesterday. The retracement moves BTC away from the $4389 level, which is the 1st level to overcome before considering any bullish scenario.
Above this 1st resistance is the bearish trend line that has governed the market throughout 2018. Exceeding this 2nd price level would place the BTCUSD on the positive side of the trend line, but wouldn't change the overall bearish profile. BTC needs to exceed $5874 to consider a general change in trend.
Below the current price, BTCUSD is left with very little help in case strong sales appear. It has only 2 significant support levels that separate it from entering a free-fall mode. The 1sr support level is at $3590. The 2nd support level is at $3273.
Below this level, BTCUSD would go into free fall again and set the course for levels around $2000.
The MACD in the daily range appears to be slightly bullish. The line spacing has decreased just as we reach the indicator's 0 lines, a typical pattern that should prepare us for increased volatility and a possible bearish rejection scenario.
Above this 1st resistance is the bearish trend line that has governed the market throughout 2018. Exceeding this 2nd price level would place the BTCUSD on the positive side of the trend line, but wouldn't change the overall bearish profile. BTC needs to exceed $5874 to consider a general change in trend.
Below the current price, BTCUSD is left with very little help in case strong sales appear. It has only 2 significant support levels that separate it from entering a free-fall mode. The 1sr support level is at $3590. The 2nd support level is at $3273.
Below this level, BTCUSD would go into free fall again and set the course for levels around $2000.
The MACD in the daily range appears to be slightly bullish. The line spacing has decreased just as we reach the indicator's 0 lines, a typical pattern that should prepare us for increased volatility and a possible bearish rejection scenario.