Bitcoin dive - start of prolonged lateral movement?
After one more attempt to reach the Neckline resistance Bitcoin falls today and breaks a Reverse Head and Shoulders scenario.
The Trend Line from recent 6000.0 low violated as well.
News, supporting the fall:
From the bulls side:
Nonetheless, the fall did not violate the global Trend Line Support, 25 Feb low (9250.0) and 200-days EMA. Basically, the uptrend scenario still holds, albeit a correctional pattern will deferentially be prolonged.
One more argument in favor of bulls - breakthrough of important 10000.0 level does not look confident. It looks more like market manipulation to scare small investors and buy on the low prices.
From the bear's side:
There is an opinion among traders community, that market capitalization of bitcoins is too small now to end bitcoin recession.
Bitcoin stays too long on the 10000.0 level, which lowers its importance for traders.
My opinion: fluctuations inside the 9250.0 - 10500.0 channel.
The Trend Line from recent 6000.0 low violated as well.
News, supporting the fall:
From the bulls side:
Nonetheless, the fall did not violate the global Trend Line Support, 25 Feb low (9250.0) and 200-days EMA. Basically, the uptrend scenario still holds, albeit a correctional pattern will deferentially be prolonged.
One more argument in favor of bulls - breakthrough of important 10000.0 level does not look confident. It looks more like market manipulation to scare small investors and buy on the low prices.
From the bear's side:
There is an opinion among traders community, that market capitalization of bitcoins is too small now to end bitcoin recession.
Bitcoin stays too long on the 10000.0 level, which lowers its importance for traders.
My opinion: fluctuations inside the 9250.0 - 10500.0 channel.
