Although in the last few sessions the EMA200 broke down, the sellers have not been able to push the price in deep red; in fact, the latter found support on the FIB 0.5 level (8,474), thus recording a loss of just 2% as a result of this important breakdown.
This indicates that there is a good propensity to buy at these levels; however, prices have been rejected several times by the resistance at 9,000, close to the FIB 0.382 level, thus forming a double maximum, which is a clear bearish signal.
At this point, if buyers do not redouble this resistance threshold and sellers manage to push the price below the 0.5 level, we expect a further collapse that has as its first support 8,000 quota (0,618 FIB), with a good chance of continuation up to 7,400, where high purchase volumes are recorded.
There is a lot of uncertainty at the moment, moving averages are flattening and prices are moving in range-bound.
Bitcoin at 30,000?
On the long term scenario, Bitcoin, has formed a symmetrical triangle, and in the last few hours prices are heading towards the support line.
If the quotation should bounce on this last one there will be a reversal of tendency, that will bring the prices to test the downtrend line in area 10.500, exceeded this last level of resistance the figure will be completed, and the target is fixed to quota 29.000; but the road is not paved, in fact if all this should happen there will wait for different levels of resistance.
If instead the quotation will fall below the support line of the triangle our bullish forecast will be invalidated.
This indicates that there is a good propensity to buy at these levels; however, prices have been rejected several times by the resistance at 9,000, close to the FIB 0.382 level, thus forming a double maximum, which is a clear bearish signal.
At this point, if buyers do not redouble this resistance threshold and sellers manage to push the price below the 0.5 level, we expect a further collapse that has as its first support 8,000 quota (0,618 FIB), with a good chance of continuation up to 7,400, where high purchase volumes are recorded.
There is a lot of uncertainty at the moment, moving averages are flattening and prices are moving in range-bound.
Bitcoin at 30,000?
If the quotation should bounce on this last one there will be a reversal of tendency, that will bring the prices to test the downtrend line in area 10.500, exceeded this last level of resistance the figure will be completed, and the target is fixed to quota 29.000; but the road is not paved, in fact if all this should happen there will wait for different levels of resistance.
If instead the quotation will fall below the support line of the triangle our bullish forecast will be invalidated.