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.
Cryptocurrency charts by TradingView
