Author:
Still in red, still very close to the fire zone. Bitcoin had tested, again, the 2018 yearly low at $5750 on BitFinex. There is a (weak) support there, but the whole area might hold. The next major support area is at $5200.
The major problem of Bitcoin in recent weeks is that the OBV (On Balance Volume) indicator is getting lower as time goes by. No buying power or smart money is entering the market. Bitcoin, like Bitcoin, is very unpredictable. The change of momentum can happen at any time. However, the momentum is bearish till it changes.
From the bull side – resistance levels are at $6,000 (descending trend line and resistance line), and the major descending trend line and MA-50 line at $6200 zone.
BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
