Today, the BTC/USD pair showed a bad sign, dropping below the support level of $6800. This suggests that the lower the BTC/USD pair falls, the more sellers begin to control the market. A drop below $6800 led to a near $6700 area.
The pair also broke the monthly line of the uptrend, which may indicate the completion of the uptrend. However, it is also not worth talking about the formation of a bearish movement, since a halving will take place in 27 days. So, at least 20 days later we will see an increase in demand for Bitcoin.
The chart shows that the BTC/USD pair tried unsuccessfully to rise above the resistance level of $7400. After the attempt was unsuccessful, she broke through the resistance levels of $7200, $7000 and reached the level of $6800. In March, this level provided enough resistance to the price of Bitcoin. And if the BTC/USD pair falls below it, it will be difficult for it to rise again. We will see a stay below the level of $6800 during the week.
Even despite the decline, the market can still be considered neutral until the BTC/USD pair falls below $6663. In this case, we can talk about a short-term bear market. But for the market to become bullish again, the pair BTC/USD must rise above the level of 7400.
If the BTC/USD pair breaks down the support area of $6700- $6663, it will continue to decline to the level of $6500.
On the other hand, if the bulls manage to return the BTC/USD pair above the $6800 mark, it will try to test the level of $7000. If successful, we look forward to moving to $7200.
Confirmation that the bulls have lost control of the market is a decrease of the RSI indicator below 50. A further decrease of RSI will affect the price chart by a decrease to $6500.
In the current situation, opening short orders is risky. But if you want to take a chance, you can open SELL orders and hold them up to the $6500 mark.
You can open long-term orders when the BTC/USD pair drops below $6500. This will be a good moment to enter the market. The level of $6000 will once again provide enough support and will not be broken.