Bitcoin has fallen in price since may 06 and has lost around 38% in value.
Have there been any fundamental reason for this? No - in my view this is still a consolodiation which has begun after the rally in 2017. And we´re not far away from the level where the last rallye started: 5.800$.
Will the BTC fall to this level before it regains force?
The trend analysis (negative trend channel) and the RSI are signalling a further weakness, so I would be careful with new investments.
Only the EW shows a little bit hope - but it should be confirmed by other indicators.
If - and only in this case - BTC turns above 6.100$ what could has been the beginning of a new motive wave - and if - and only in this case - BTC breaks out of the negative trend channel to the top - then a new positive trend could have been installed.
So I recommend to wait and see whether BTC makes these movements or not.
Volume: low
RSI: negative
MACD: negative but triggered
Have there been any fundamental reason for this? No - in my view this is still a consolodiation which has begun after the rally in 2017. And we´re not far away from the level where the last rallye started: 5.800$.
Will the BTC fall to this level before it regains force?
The trend analysis (negative trend channel) and the RSI are signalling a further weakness, so I would be careful with new investments.
Only the EW shows a little bit hope - but it should be confirmed by other indicators.
If - and only in this case - BTC turns above 6.100$ what could has been the beginning of a new motive wave - and if - and only in this case - BTC breaks out of the negative trend channel to the top - then a new positive trend could have been installed.
So I recommend to wait and see whether BTC makes these movements or not.
Volume: low
RSI: negative
MACD: negative but triggered