BTC Analysis 6/06 BTC-USD

BTC / USD failed to push through the expected rebound back to 10,000 and subsequently fell to the last line of defense, the 78.6 Fibonacci retracement of the upward movement.

I had written that a sustained dip below $7,500.00 worsens the prospect of a breakout upwards and is likely to establish a trendless range movement in the market.

This has now happened and the greater low of April 1 at $6,425.00 is also in the focus of market participants. Then the complete increase would have been corrected to 100 percent.

However, this is only an issue when the price falls below the last low of $7040.00 on a daily basis.

So long there is hope that the bitcoin will rise again. Even if the probability has dropped sharply. There is also no good support from the volume side.

The soft flame up of the last green candles was accompanied by decreasing volume. Overall not a nice starting situation for the bulls in Bitcoin.

This is NOT investment advice and does not encourage buying or selling. Every reader is aware of this and makes his own investment decision with his own understanding of risk management!

Cheers Jessy