Bitcoin Prices Face $10000 Resistance Without Strength to Cross It While Indicators Started to Go Down
May 29, 2020 by Ramiro Burgos
Bitcoin Prices Face $10000 Resistance Without Strength to Cross It While Indicators Started to Go Down
Also Read: Bitcoin Prices Turbulent As Exhausted Indicators Drift In A Volatile Distribution Area
Long-term Analysis
A distribution area between $10000 and $7000 is active, overselling the market while halving took place. The action could send values down to $5000. Quotes should cover a wide range up and down plenty of volatility at least for another three weeks before a breakout of it.Following Mass Psychology´s phases, the Disbelief phase is on, and uptrend got canceled. A distribution area is increasing by the offer, and demand is lost. The next support calculations should be near $5000 or below. External factors and News stopped global commerce and, values would go lateral from $5000 to June.
Mid-term Analysis
Political factors from traditional mass media and promises for the future could not attract the public to receive the massive selling distribution from Smart Money and Institutional Investors precisely at this level. Measurable indicators had lost all hope or any idea of further bullish development. Traditional formations reflect the market weakness, and contradictory News only contribute to the general confusion, favoring these factors a broad plunge if nothing else happens
Japanese Candlestick evaluation favors the supply and a bearish definition. After a second Diamond formation, a bearish movement is possible, heading quotes down to $5300. Even volatility provides some isolated peaks near $10000, and the trend seems to be going down. According to several development theories, the next stage could be a central sustaining area with plenty of volatility at $5000. After halving, demand´ soldiers should reorder themselves to reinforce with institutional investors before strike back against the crows with a chance to prevail in a reversal scenario from June.
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Images via Pixabay, Ramiro Burgos
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