Bitcoin analysis March 31: No stopping point

We are still trading in a big big downtrend channel as Bitcoin broke the recent swing low on March 12 with very large selling volume (marked by black arrow on the chart). BTC is now forming a small bear flag with target below the red support line. If BTC breaks down from here it could even break the lower trendline of the red channel. However, MACD seems to be forming a bullish crossover so we can wait to sell at the 2 resistance zones above at 7300 and 7800 respectively. These are very strong resistances because after retracing to 7300 BTC fell back immediately, and 7800 zone is backed by the 50 EMA which is very active and strong recently.

Enjoy trading!

N.H.

Comment:

Going perfectly to the downside target at 6200.