At the beginning of the week it looked very hopeful.
On March 23, 2020, we managed to bounce up to 900 $ in a one day from a minimum of $ 5,728 to Binance and on March 25, we went up to $ 6,957.
Here we watched as the bulls fight at the $ 7,000 mark, what was strong resistance.
The $ 7,000 threshold was very important to confirm the short-term uptrend and recovery of BTC after a strong dumpe in March.
The bears responded better and protected this zone, when we touched $ 6,957, one hour later shot us down. That was the second rejection in one week.
From 25 to 27 March, we watched consolidation and the market sideways.
On March 27th, we got another blow from the bears and we fell down more than 500 hundreds.
Today there was also another important move, when we broke an important trendline, which means a high probability of a further fall.
At Bitcoin we are currently watching:
- Support zone $ 5,800 where you can try to open LONG + – $ 100
- Acting resistance $ 6,300
- A broken trendline and below it a potential zone to open SHORT orders.
- Strong resistance 6 900 $