Daily Bitcoin Analysis for April 6th, 2018
Recap
Bitcoin bulls are in trouble now & I do not favour there chances as we hold below important trend line support at 6800/6750.
Forecast
Bitcoin holding below 6700 keeps the pressure on for a retest of the 6430 low. A break below 6400 in the bear trend is likely to retest the February low at 5920. I really do not see a strong reason for this to hold. A break lower initially targets 5555.
Looks to me like bears remain in control after a very weak recovery. First resistance at 6850/6900 then 7100/7150. If we continue higher look for 7250 before the high this week at 7500.
Supporting Chart
Recap
Bitcoin bulls are in trouble now & I do not favour there chances as we hold below important trend line support at 6800/6750.
Forecast
Bitcoin holding below 6700 keeps the pressure on for a retest of the 6430 low. A break below 6400 in the bear trend is likely to retest the February low at 5920. I really do not see a strong reason for this to hold. A break lower initially targets 5555.
Looks to me like bears remain in control after a very weak recovery. First resistance at 6850/6900 then 7100/7150. If we continue higher look for 7250 before the high this week at 7500.
Supporting Chart
