March 28, 2020 at 09:55AM
After trading in the $6,450 to $6,850 range for the past eight days, Bitcoin (BTC) price finally made a larger move, this time to the downside, as the digital asset dropped 8.72% to a daily low at $6,068.
The move somewhat mirrors the performance of traditional markets, which also closed the day with losses. The Dow closed with a 915 point loss, the S&P 500 pulled back 3.37% and the Nasdaq was down 3.79%.
The break below $6,550 pulled the price below the ascending trendline and the $6,450 support. Traders had anticipated that a sharp move was on the cards after the price had traded sideways on declining volume for the majority of the week, also failing to push above $6,850 and flip the resistance to support.
At the time of writing the price sits atop the 12-MA (daily timeframe) and traders are attempting to recapture the $6,200 support. If this effort fails then a retest of $5,800 and $5,350 is possible. Over the short term, Bitcoin price needs to first retake $6,200 then push above the high volume VPVR node at $6,335 in order to re-reach the $6,500 range.
Earlier this week, Cointelegraph contributor filbfllb commented that the likelihood of Bitcoin price reaching $10,000 before May is slim to none. filbfilb explained that: “Bitcoin is trading up against what is a fundamental decision point at $6.8K. This is previous support now acting as resistance and the top of a high volume node which is dissected by a diagonal resistance trend line, which dates back to mid-2019.”
According to filbfilb, Bitcoin price is approaching a pivotal moment and: “If the bulls are unable to regain the $6,800 level, the 200-week moving average is lying below at around $5,500 on a high volume node, which was previously front run in the last attempt to break $6,800. Should the bulls find their feet again, diagonal support will be found at $6,250.”
Bitcoin Price Drops to $6.1K Shortly After Equities Markets Close Red, CoinTelegraph, Mar 28
From: The FxPro News Team https://fxpro.news/daily-forex-outlook/bitcoin-price-drops-to-6-1k-shortly-after-equities-markets-close-red-20200328/
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