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Bitcoin Technical Analysis: BTC Inches Closer To The Next Decline (April 2020)
Bitcoin is still trading above $7k but it does not have much room to rise significantly higher. The daily chart for BTC/USD shows that the price has run into resistance at the 50-day moving average. It might end up breaking past that near-term to test $7.7k which corresponds to a previously broken market structure. The market as a whole is at risk of a major decline up ahead. These next few days are going to be very critical. We might see the price trade sideways for a while and then the major decline would kick in same as last time, only this time it would be far more aggressive and would take out the previous low.
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