Time: 7.35 A.M. / GM+2 / 30th Mar, 2018 – Fri.
BTC/USD continues to bleed and has now entered the danger zone, where the 50MA crosses below the 200MA, which indicates a long-term bear market going forward. Technical indicators are showing that bearish momentum could stay in play for a bit longer.
We said in our previous post: "Be aware of drop below 7.26K lows as it will mean irrational behavior for bullish market, because this could lead to collapse of bullish scenario and drop below 6K." And as the 7.26K was broken, our bullish scenario supported by 3 Drive Buy Pattern is not valid anymore.
The price broke the rising wedge in the expected timeframe with a pronunciated Bearish Engulfing, forming a very agressive 5H Channel Down. Sellers are in market control in every major timeframes.
We suggest the bearish trend domination supported by EMA50, unless the price managed to breach 8.28K followed by 8.64K levels and hold above them ( Between 8.28K and 9.26K the trend is neutral. Above 9.26K the trend is bullish).
Liquidity is expected to thin out in the next few days as most traders are out enjoying the Holy Week holidays. This could also mean potentially more big volatile moves as price could be more sensitive to headlines and smaller positions.
I think we're more likely to see a dead cat's bounce ( The next move ) from 6.6K, as small retracements may take the price to 7.32K on 5H or to the resistence of 7.49K on the daily without breaking the bearish trend. Followed by a true rebound below 6K and this may be the fifth major wave of the correction but we are yet to see.
Note; A reversal and break above the descending trend line and 200MA near 9.26K will be required for the picture to turn bullish.
Support 1: 6500.00 level.
Resistance1 : 7490.00 level.
Support 2: 5947.00 level.
Resistance2 : 8375.00 level.
Expected trading for today:
is between 6500.00 and 7490.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00 / IHS Bottom.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
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