Bitcoin (BTC): Daily Price Action (Fri, 30-Mar-2018)
Daily price review for BTC for education purposes only.
Price
Following on from yesterday's review (here), the BTC price has seen a significant spike down into the $6,000's and tested the long term rising trendline.
This is the kind of move we were looking for to flush out some sellers at these levels; however, there's no blood on the streets yet, so a drop to $6,000 wouldn't be out of the question.
The price has settled into an approximate descending channel which offers more obvious break levels (currently ~$8,000)
Volume
The spike down in price was accompanied by a volume spike as expected, showing market interest at these lower levels.
There may have been some capitulation selling or stop orders triggered, but this type of action is usually followed by value buyers stepping in.
The On-Balance-Volume (OBV) indicator is as low as its been for about a year, so looking for some bullish divergence on this indicator to presage a tide change.
Bias
Neutral. I see a little more downside perhaps another visit to the $6,000-$7,000 area and then a convincing rejection, but a price consolidation in this support zone would be healthy for the market. If the BTC price can stabilise in this zone it may represent a rounding out of the longer term price to ultimately support recovery move.
Until tomorrow.
Bobby.
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