Whats happening moon people, Bitcoin failed to break through $10 000 and we find the market correcting itself after the gains from early April.
Bitcoin has fallen through the first few bullish trend lines and is now on critical support, in my opinion, if there were to be a bounce this would be a good place to buy. However I am not convinced with the price action and a retest of $9000 – $8800 is most likely on the cards.
Should the above support zone hold we could expect the bulls to pull back into the market, but as it stands right now, momentum is turning bearish and I think we could see some more selling action before the weekend.
There are some bearish candlestick patterns on the 4 hour candles, hinting to more downside in the market.
Both indicators are confirming my bearish suspicions and I will wait for some bullish signals before going long on the market. For those higher risk traders there could be a short on the table should our near term support fail.
The prices will need to consolidate above $9400 – $9600 for the bullish momentum to continue. (just my opinion)
Feel free to discuss this trade idea with me in Discord, safe trades.