Bitcoin Technical Analysis: 08 April 2020

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Trying to Find Price Direction…

Hello,

The chief actor of the crypto world, which caused a panic on March 12 with a rapid decline from $ 7.974 to $ 4.873, is trying to hold on to $ 7,300 today, with the recovery moves that began after the relevant date. Bitcoin, which many people who want to secure their investments with the great difficulty experienced worldwide, would like to see as a safe haven, will continue to be valued as a safe haven for every day it stays over $ 5,000. Within this framework, let’s take a look at the analysis tools and what they show us about the price that we will look at in terms of basic and technical aspects, even though the predictions of price direction of both long-term investors and short-term players will diversify.

Weekly Chart: In the weekly chart, the value of the support and resistance points formed in the MA 20, which we mentioned earlier, not only emerges once again, but also turns into an important subject that should be followed closely. Considering the returns of the price in 20 MAs per week in the past and the support and resistance that emerged in the MA 20, the relationship of the price with this moving average should be closely monitored in the coming days. Currently, after the price meets the MA 20 between $ 7,800 and $ 7,900, its performance here is extremely important. Whether the price will exceed this level or not, will determine the direction of the trend.

Daily Chart: Looking at the daily chart, we can see that the price is in a general uptrend. However, this rise has not been fully confirmed yet, and sudden decision changes that may arise from the current worldwide distress show that this trend is on a slippery ground. Despite this, we can see a bull flag likely to occur within the trend in question. In the event that this bull flag realizes itself, we can expect the price to rise up to $ 8,000, which was born at the Fibonacci 0.618 significant level, at least to try this level. Otherwise, it can be expected that the price will be pulled up to around $ 6,500 formed at the Fibonacci 0.38 level. The price is currently collecting power to determine its direction at the 0.5 level, which is not actually a Fibonacci number. For this reason, it is necessary to follow closely how the price movement moves towards the mentioned levels in the daily chart.

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Daily Chart: When we look at the movement of price in the daily chart with the help of Bollinger Bands, RSI and Macd Weighted, the table that we see again supports the previous chart. Price Bollinger knows that the first major obstacle to face while waiting for the attempt to exceed the upper band is the $ 7,400 resistance. A bulky crossing of this important resistance and closing above this level for several days if possible can be considered a partial confirmation of the bullish trend. In the following process, new levels of $ 8,000 and above will be spoken. When we combine the unstable waiting of RSI above 50 balance lines with the possibility of Macd Weighted down intersection, it is clear that the price of $ 7,400 may not remain for a long time. However, if we consider the fact that the movements of the indicators arise from the candlesticks, it should be remembered that MacdW and RSI will also change according to the candlesticks.

The strategy revealed by the directions and values ​​shown by technical analysis tools in general terms; “Watch and see!” shaped. Given the above mentioned levels, where the price has been stuck many times in the past and the state it took after these levels, it is necessary to say that the watch and see strategy has an important place for these days. In addition, following daily Bitcoin and crypto news gives great light to future price movements, it is also important to follow not only domestic broadcasts but also foreign sources if possible.

Hoping that these troubled days we live are left behind as soon as possible,


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