Following the failure of corrective growth, the bulls were forced to save $ 7,000. Technical analysis

We are presenting an analysis of the market's Bitcoin analysis from analyst Mikar Gabowo. In the article he predicts the development of the situation in the crypto currency market: the end of the bull bull at the corrective rally is the last 12 hours.Technical analysis shows, a rapid decline below 7,000 dollars is decreasing the rate of 7 800-8 000 dollars.

According to Bitfinix, at the time of writing, Bitcoin traded
$ 77070, returning to this level after reaching 19 in 19: 00 7 dollars 509 UTC intermediate

This rollback short-term bullish look neutral In addition, the crypto coin has created a bearish "head and shoulder" pattern, as shown in the chart below.

1 hourThe below brake below $ 750 (head and shoulder pattern neck level) will add confidence to the bearish breakout of the growing trend line and probably probably move towards a drop of $ 7,000. This means that "head and shoulders" is a drunken retrograde pattern that exceeds the revisionary growth of a minimum of 6 425 dollars.

However, some indices are still on the side of the bulls: 50-Hour Running Average (MA) and 100-hour MA Search up, and 200-hour MA gradually smoothes a bearish bias. So at the moment it seems that a drop of 7 000 dollars or below, will probably be short-term.

However, if the BTCL (UTC) closes down, the possibility of continuing corrective growth of 7 $ 800 (Obstacle channel resistance level) and $ 8 000 (psychological mark) will be intensified,
7 000 dollars

Daily ChartYesterday the BTCT broke the original resistance level (now it's support level) to 7 240 dollars (set to March 18), strengthening the potential of $ 800 million in the revised assembly.

Increased 5-day MA in response to inflation (a bullish favor).

However, if Bitcoin attempts at under $ 7,000 today, it will signify the failure of the BTC system, as well as $ 7 240 USD, as well as add $ 10 to $ 10, by applying confidence (carry-over) 10 days. Furthermore, a 5-day MA bearish bias will be adopted, starting the finding of the lower point.

Следовательно, BTC необходимо защитить уровень 7 000 долларов, чтобы избежать дальнейших потерь.

What to expect in the future?
Поддержка ниже 7 750 долларов может привести к откатую 7 000 долларов, хотя снижение может быстро закончиться, как показывает часовой график.
Закрытие ниже 7000 долларов будет означать, что корректирующий рост с 6 655 долларов закончился на уровне 7 509 долларов.
С другой стороны, убедительный шаг выше 7 509 долларов позволит продолжить рост до 7 800 долларов (уровень сопротивления нисходящего канала).
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