The current situation of Bitcoin is very uncertain, buyers are trying to maintain the support level at 6,000, which corresponds with the EMA200 on the 1W time frame.
We are now just a few hours away from the weekly close, and if it will be above this support level, the market sentiment will be positive again and we could see a new test of this week's high (6,900), if this bullish movement will have enough strength to break it the pair will return to test the 8,000 and then the 10,000.
But there is one more thing to consider on this time frame, and that is the bearish cross that is forming between the EMA 20 and 50, a completion of the latter, followed by a closure below 6,000 could invalidate our bullish vision, causing prices to plummet in the 5,000 area.
To support this bearish theory we can find the first signals on the hourly time frame, that is the completion of the bearish cross between EMA 20 and 50, the momentum is in negative territory, we are in the presence of a bearish divergence with the RSI Stoch and finally also Ichimoku is short.
In addition we have to take into account the global condition of the markets due to the Coronavirus, all assets are at a loss and we do not believe that the packages have ended here considering the evolution of the situation, so these liquidations by investors may also occur on the crypt currencies.
As mentioned earlier, uncertainty reigns and we will know more after the weekly closing and the opening of the markets tomorrow, meanwhile the key levels to keep an eye on are 6,500/7,000 for a long reversal and 6,000/5,800 for a short continuation.
We are now just a few hours away from the weekly close, and if it will be above this support level, the market sentiment will be positive again and we could see a new test of this week's high (6,900), if this bullish movement will have enough strength to break it the pair will return to test the 8,000 and then the 10,000.
To support this bearish theory we can find the first signals on the hourly time frame, that is the completion of the bearish cross between EMA 20 and 50, the momentum is in negative territory, we are in the presence of a bearish divergence with the RSI Stoch and finally also Ichimoku is short.
In addition we have to take into account the global condition of the markets due to the Coronavirus, all assets are at a loss and we do not believe that the packages have ended here considering the evolution of the situation, so these liquidations by investors may also occur on the crypt currencies.
As mentioned earlier, uncertainty reigns and we will know more after the weekly closing and the opening of the markets tomorrow, meanwhile the key levels to keep an eye on are 6,500/7,000 for a long reversal and 6,000/5,800 for a short continuation.