Bitcoin Market Is Stalemate with Longs and Shorts, the Trend Is Dominated by Shocks- Apr. 7th

News:

According to the daily hodl’s report, the CEO of MicroStrategy stated that Bitcoin will inevitably become a potential store of value asset that can move on the global mobile payment track while supporting fiat currencies. If the United States does not take action, China may dominate the cryptocurrency field. In order to avoid this situation, American entities need to accept Bitcoin and its ability as a basic asset layer.

Technical side:

The overall market trend is still dominated by shocks. The low point is temporarily around $56,900 and the high point is above $58,600. The whole volatility is around $1,700.

At present, the long and short sides are still in a stalemate. The 5-day and 10-day moving averages formed a suppressed area at the $58,500 line. If the price can break through the pressure line and stabilize, the price is expected to further rise to test yesterday’s suppression of $59,500. The lower position is supported at the $57,100 line. If the price pulls back and does not fall below this area, the short-term trend is still upward.

From the hourly chart, the Bollinger Bands are in an open posture. The market moved in the lower middle rail area because of the strong pullback yesterday. At present, the upper-middle rail is suppressed slowly and the price rebound is not strong. The low position has stepped back to the $57,600 position.

The recent market sentiment has also begun to become more unstable, especially after the impact of $60,000 has been unsuccessful for many times, the patience of the market is gradually being consumed, so if the direction is determined next, the sentiment may explode in the direction of breakthrough more obviously. It’s best not to hold to much positions and traders are suggested wait until the direction is determined.

DISCLAIMER: The analysis of cryptocurrencies in real-time should be taken for informational purposes only, and in no case should it be taken as an investment signal. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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