Summary:
Bitcoin price just broke the major trend line support and is trading at 8200ish level. Since my past BTC post this morning, bears seems to have taken over the charge to push the price down the trendline and have been successful until now to keep the price below that line. Looks like bulls are trying to re-claim the trendline and are trying reach hard for the past few hours.
Bearish Scenario:
MACD has crossed toward the downside and we do not have any major support zones other than 7600 level before the pattern target of 6500ish level.
Bullish Scenario:
Big question here is, if the price does go to 6500ish level, will it hold or do we see new lows on BTC?. There is a good chance the current price level might hold because of the analysis on volume.
The last time we saw such a volume was just before huge rally up, the volume we are seeing now is more than the volume when we formed the HEAD on the inverted H&S pattern.
Lets assume if this bear flag plays out and price hit 6500ish level, This level looks like a HUGE support based of MULTIPLE YEAR trendline which was tested when the price hit 5800 level in early February . The price has reacted very bullish each time this trendline was tested.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
