Welcome to a new week. I hope we are all keeping safe at home. This period is a time for everyone to reflect on how to get more cash. It sounds ironic but trading is one of the best ways of making money in this period of lockdown. Today we see that bitcoin is moving sideways. We expected the rise above the 200EMA will mean a resulting spike. Though we see bitcoin price hit $7,392, the price seems to have dropped below $6,834. The present resistance zone is a major resistance which is why the price had to respect it. To surpass this level we will need more buyers. We can say bitcoin is in a consolidation stage, yet it’s in the bearish zone in the MACD signal. before a comfortable buy signal is entered, the resistance zone (red rectangle), must be surpassed.
Looking at the technical indicators:
Major Support Level – $6,834
Major Resistance Level – $7,392
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