Since yesterday's analysis at 6:00 pm, the price has fallen further by about 3%, falling below the psychological threshold of 7,000 and below the EMA20 (TF: 1D) which until yesterday served as a support.
At this point, as described in the previous analysis, sentiment has become bearish with the confirmation of a lower maximum than in the previous sessions, thus interrupting the succession of increasing highs of which the trend of the last 39 days has been characterized.
Confirming the slowdown and reversal of the trend is the slow stochastic that is in death cross in almost overbought area (1D).
In addition, the MACD is also in death cross formation in negative territory.
The only support that is holding up in these hours is a resistance trend line of the bearish channel that had been violated upward previously (dashed line).
A collapse of the latter will lead to a collapse of up to 6,200, but could find a first support on 6479 (0,382 FIB).
Such a scenario will decrease the confidence of buyers who will be overwhelmed by sellers, triggering another dump that could extend to the target of the rising wedge that has formed since the last crash, i.e. 5,200 quotations.
But before we reach this level we expect a support area at 5,800.
On the other hand, a return above the EMA20 by the end of the day could bring a sigh of relief to buyers.
At this point, as described in the previous analysis, sentiment has become bearish with the confirmation of a lower maximum than in the previous sessions, thus interrupting the succession of increasing highs of which the trend of the last 39 days has been characterized.
Confirming the slowdown and reversal of the trend is the slow stochastic that is in death cross in almost overbought area (1D).
In addition, the MACD is also in death cross formation in negative territory.
The only support that is holding up in these hours is a resistance trend line of the bearish channel that had been violated upward previously (dashed line).
A collapse of the latter will lead to a collapse of up to 6,200, but could find a first support on 6479 (0,382 FIB).
Such a scenario will decrease the confidence of buyers who will be overwhelmed by sellers, triggering another dump that could extend to the target of the rising wedge that has formed since the last crash, i.e. 5,200 quotations.
But before we reach this level we expect a support area at 5,800.
On the other hand, a return above the EMA20 by the end of the day could bring a sigh of relief to buyers.