After the pump on April 1st Bitcoin formed a bearish wedge along with a bearish divergence on the RSI that leads the price to break it down and started accumulating on the 5k zone.
The bulls tried but could not manage to break out the 5.2k zone, and this way, failed to make a new top, which makes me think that Bitcoin price needs to retrace more in order to have fresh money coming in.
The 200 days MA is approaching the 0.618 retracement zone, around 4.5k and in my opinion can be a good spot for a reversal.
The bulls tried but could not manage to break out the 5.2k zone, and this way, failed to make a new top, which makes me think that Bitcoin price needs to retrace more in order to have fresh money coming in.
The 200 days MA is approaching the 0.618 retracement zone, around 4.5k and in my opinion can be a good spot for a reversal.
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The general sentiment on crypto market has changed, the market is in a bull bias and those divergences displayed does not have too much impact on the direction of the price.
Bitcoin will most probably reach the 6k.
Bitcoin will most probably reach the 6k.