Bitcoin technical analysis - April 10th

[MiracleRolling]

On April 8, Bitcoin reached a high of $ 7,420. The price started falling gradually the next day and broke below the ascending support line formed from March 30 on April 10.
Bitcoin breakdown below the support line

BTC has been following the ascending support line since March 30.

Last night, the price broke below this support line and the support zone of $ 7,050. The next nearest support zone is found at $ 6,750.

The downward move begins when the price makes a three-day high on April 6-8. The third peak is called the bearish reversal pattern and if it appears after the uptrend, it usually reverses the trend.

Rising Wedge

In the long run, it is possible that BTC is still trading inside the wedge, as it did since bottoming on March 13. The price is right below the support line, so it is still unclear whether it has been broken or not?

If breakdown, BTC has just completed a five-wave Elliott pattern. In addition, the decreasing volume throughout the wedge also signals a downward trend. However, the 'breakdown' candle does not have very large volume and the price has not yet closed below the support line.

Therefore, it is possible to reverse and trade back in the wedge, then make another attempt at $ 7,800. However, the breakdown is ultimately inevitable.

The daily levels

The daily time frame shows similar prospects for a discount. The price has been turned down by the 50-day moving average (MA) and dropped below the yearly open, reached the next major support level, and is in the process of creating a bearish engulfing candle.

A decisive daily close below $ 6,800 can trigger a very quick downward move that pushes BTC below $ 6,000.

In short, Bitcoin has broken below the short-term ascending support line and is in the process of breakdown from the long-term ascending wedge. If that's the case, a quick drop to $ 5,800 could soon happen.

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[evet]

As of this week, it has been moving well. But as of the moment, the prize went down to approximately $6,900, it's slowly dumping right now. I just hope that it don't dump that deep since I am on wagering mode at the moment and it will affect it. 

[mariairene11158]

If our situation right now will become worse expect that it will continue to dump..But we hope and pray for the best..Good luck...

[Seoulmate]

You cant make money following the herd, you need to zig when the herd zags. TA is a mechanism for Institutional traders to take money away from retail traders.

[Ali saher]

This week price good then last few weeks price must up down maybe next few weeks and not stand one place. I think after 2,3 weeks price stand some point up or down u not know but mostly chances like 8k USD price stand.

[Hassan2121]

7 hours ago, evet said:

As of this week, it has been moving well. But as of the moment, the prize went down to approximately $6,900, it's slowly dumping right now. I just hope that it don't dump that deep since I am on wagering mode at the moment and it will affect it. 

Thank you for this post but I believe the price for btc will continue to rise

[Seoulmate]

Before BTC rises significantly it will dip to trigger all the stop losses set by retail traders. This enables the Institutional Traders to buy large volumes of BTC cheaply. They will repeat this until they've reached their target volume, after that they will allow the price to rise to significant levels.

[Sunskid01]

Bitcoin is falling again, its because of the present situation. You know some of the investors saw their money increased by 500% so  they simply withdrew the investment and again the coronavirus has its own bad impact.

[sahil777]

and its at 7100 right now price is not predictable at this point, though trend is bearish but it can go anywhere, as you know the world economic crisis are at its peak and more crisis are coming, so it can lead bitcoin both ways, investors can go safe and take back their money from crypto, or they will invest more in crypto because future is digital currency.