Bitcoin-Preisanalyse für den 12. Mai. Bären oder Bullen?
After a 25% drop in the value of Bitcoin a couple of weeks ago, there was a dense resistance zone at the level of 59-60 thousand dollars, which the bulls have not been able to overcome
Bitcoin as of May 11 is characterized by a weak trading volume, and signs of weakness on the daily chart indicate a possible testing of lows. Let's see where we can find support.
Bear market in the long run
Is it possible for Bitcoin to return to the level of $15,000? Despite all the assurances of skeptics, there is a possibility of testing support zones.
If the coin does not meet a decent resistance, it may fall. Probably, about $15,000 is not at stake, because the bulls have something to lose, and they will defend their positions.
The bottom line is that most of the current support zones have never been resistance zones. Not tested by bulls and not won with victory. Most of the support zones of the cryptocurrency train passed non-stop to ATH at $64,000. And now the bulls have to hold this position and prove that BTC is really worth so much.
It is not necessary to be upset if the coin goes down. All those who didn't jump on the train last time will have the opportunity to catch up. Moreover, there are good examples of strong breakthroughs in history.
For example, from August 2019 to August 2020, the blue area on the chart had long been strongly resisted. Bulls actively pressed from below, but the bullish impulse always weakened and choked, and did not overcome the upper bar.
But then, when several resistance zone tests weakened the bears' positions, bitcoin broke up. And the resistance zone has become a support zone. This was the beginning of the current bull market.
Looking at the 4-hour chart, it is still clear that Bitcoin is trying in vain to overcome the resistance zone. Judging by the schedule, the current state of affairs may last another couple of weeks. It is possible to trade in the side directions and even a large drawdown of the price of cryptocurrency.
Over the past 24 hours we have seen a 10% drop - from a relatively high figure of $59,500 to $53,500. The cryptocurrency didn't go below. There was a decisive reversal.
First, the cryptocurrency found support for $54,000. Then she overcame the nearest resistance level at $56,000. Here the bulls form a support base for further jerking. Therefore, as already said, it is possible to trade in a side direction.
At the time of writing, the coin is trading at $56,402 (CoinMarketCap data). A road is open for retesting of $59-60,000.
However, judging by the decrease in trading volume (by 21%) and the falling dominance of bitcoin in the market (42.84%), there is a decrease in investor interest and probably capital outflows in favor of the more effective currently altcoins.
If bitcoin does not overcome $59-60,000 in the coming days, in the medium term its value will be reduced. If the bulls do manage to break through, the next resistance zone on the BTC path will be $61,000. Let's see how things are going to be in the next couple of days.
You can find out the current price of bitcoin on the Poloniex exchange.
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