Bitcoin (BTC) Price Analysis – Daily Updates On April 08 Here’s the Next Support for Bitcoin
The price of BTC has been rejected from the important 200-day moving average, bringing the rise to a halt and retest the EMA 89 frame daily. Historically, The 200 day moving average as dependable support in bull markets and strong resistance in bear markets. After the decline from the moving average, the price plummeted to touch 0.5 Fibo at $42,800.
BTC frame daily: Looking at the frame daily, the closing candle as a Spinning Top with the bulls prevails when closing above EMA 89. Price is supported by confluence EMA 34,89 which is good horizontal support. There is still conflict between the bulls and the bear. However, the price has tested Fibo 0.5 and turned back, this is a strong support level, and there is a high possibility that the price will trade around this level and rise again.
Looking at the 4h Frame price is trading below EMA 34,89 showing a short-term downtrend. The continuous candles show the confusion between buyers and sellers. However, if you look at the volume, the sellers still prevail. The 4-hour RSI is moving up to the positive zone, however, the 1-hour RSI is refusing to rise and is sideways around the 50 mark.
For now, if the price loses the lower boundary of the trend line below $42,700, the $41,500 level could be the next support, and if this level also fails to hold the price, a retest of the bottom of the flag and the $36,000 area would be imminent.
Signal: Frame 1-4h down, frame D up
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