Not much is happening with Bitcoin the last days. Price is holding above the SMA200 (blue line) and is being supported by the lower Cloud too. If price close at current level with a doji, it will open below the Cloud tomorrow. With a clearly bullish Cloud twist (though descending) the normal scenario is that price returns back inside the Cloud with a close. Else it can drop sharply. It is less likely to see further sideways crawling in such a situation. We might also see a move up later today in respect of the strong support, but we really need to see a close above the Weekly pivot point at 9875 to break out of this congestion, that may look a bit like a bear flag on lower timeframes, but with a Hammer candle from March 9, it is more of a look a like Flag in my view (just as the among many TAs talked about inversed Head and Shoulder was a look a like. A H&S pattern will need proper shoulders, not just a small bump, ideally to the 50% or 61,8 FIB of the Neckline/Head distance). The MACD indicator is bearish and descending, but its not reflected in the price action, something that could be regarded as bullish pressure, but in fact more reflects the solid support at current level. If price breaks lower, Weekly S1 at 8000 should support and likely cause a bounce. A close below that level will expose the Monthly S1 at 7000. A close below 7000 will seriously shift bias going forward, since Monthly S1 should hold support in an uptrend or sideways consolidation.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.