Bitcoin ( BTC / USD - Bitmex ) - Retest time
Bitcoin ( BTC / USD - Bitmex ) - Retest time

By milionarioo | DigiNomic | 10 Apr 2020


Today and this weekend will be an important test for BTC: a selloff rejected it until the first support below: the famous 6.9k, broken a few days ago on the upside.

The behavior with this support will reveal how strong the demand is, and will continue to support or not support the bullish movement of the last period.

Although, on the one hand, it was weak in terms of volumes, on the other, its intensity cannot be neglected: it marked almost an x2 from the bottom.

What is needed to better understand it, and perhaps to attract other market participants to support or end it definitively, is a "litmus test", which will be the approach with this support.

If 6.9k is lost, I would reopen the hedging SHORT, invalidated again to an upward recovery of the same level.

On the other hand, if demand is triggered, and for example we close today's daily with a very long lower shadow or, better still, in green, a bullish continuation is highly probable, invalidated in turn by the loss of the 6.9, and would therefore be a good setup LONG counter-trend.

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