Bitcoin analysis

Hard day for the Bitcoin !

With a few exceptions, most cryptocurrencies are in the red today.

After a bullish trend started in February, the oblique support (drawn in black) was broken last night.

The drop in volumes over the last two weeks may partly explain the correction that took place last night.

Some investors already see the creation of a chartist pattern in double tops by looking at the two tops of the BTC. It still seems too early to say that.

In addition, an ascending triangle has formed since the recovery in February and can be highlighted. The break by the top of this triangle would be a strong signal that the bullish trend will continue.

There is also an intermediate support (in red) on the $10600 zone.

The BTC could hit this support before going back into the triangle to finally break it up.

On a daily basis, the RSI also returned to the 40 zone, which does not definitively invalidate the previous upward trend.

Similarly the MACD is below its signal but has not yet clearly broken its oblique in daily.

At this point, it would therefore appear to be a healthy correction that may not last if the indicators are not clearly broken downwards in the coming days.

Caution is still warranted, but there is still no clear indication that the bullish trend has ended or that a major correction is in progress.

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