State of Mind - April 16th

New day on the crypto planet! What's the news?

Well, even though it's still above the $8,000 level, the BTC lost some feathers tonight as evidenced by the total market capitalization. Indeed, it was still at $338 billion around midnight and it is now at $327 billion.

In the short term, support at $7800 is susceptible to be tested as shown by the downward divergence visible on the technical indicators in the 2h and 1h time horizon. Moreover, even if in linear scale the long-term oblique resistance has been broken, this is not yet the case for the logarithmic scale.

We therefore advise you to be cautious in the short term while remaining confident about the long-term bullish recovery. It may just take a little more patience.

As usual don't forget your stop-loss!