Yesterday, the yellow trend line failed to hold and Bitcoin dropped a whopping 14% to $51541. This is just above the close and open of last March 25 and 26. Yesterday's candle closed within the supply zone and higher than the previous close of the higher low marked with the yellow circle. The monthly open (MO) is also the breaker level at this timeframe to flip for a further upmove. A bearish retest is also still a possibility! Let's zoom in quickly to gather more details.
daily chart: https://www.tradingview.com/x/ObgVEyVO/
Here you can see a clear breaker down. As we mentioned above, the monthly open is a point of interest today/tomorrow. This level has confluence with golden pocket of the Fibonacci. The ema's are still in bull mode. But what we do see is that the price is below it and also the ema55 and 100 seem to be on their way to a bearish crossover. The rsi has broken through ema resistance and is on its way to test the 50 level. Also a point to keep a close eye on.
4h chart: https://www.tradingview.com/x/Ib7CoVEo/
Conclusion:
We can start looking at lower timeframe but we won't find a whole lot more information there. We are at an HTF level which should give clarity on which direction we are heading.
The major support I am currently looking at is $50400 - $5100. If we lose that, I see BTC going down towards 42K. Currently we are trading against major resistance which is around 58K. It will be all about what happens here today/tomorrow, a bearish rejection towards 51K or a nice breakout towards the ATH just below 65K.
BTC.D weekly chart: https://www.tradingview.com/x/7DgSYybF/
This week we also take a look at the BTC.D chart. It has fallen significantly in recent weeks and we have seen that in the gains on altcoins. Currently the dominance is below the level but on the sloping trendline. There still seems to be plenty of room for the altcoins. Thursday is another altcoin analysis which would you like to have analyzed, vote on the poll in our Telegram channel!
