Bitcoin Price Analysis: Without Cash, Crypto market may go to the trash
|- Absolute lack of leadership leaves the Crypto market adrift.
- Lack of fluidity, speed, and visibility.
The Crypto market continues in a catatonic state after the last Monday's strong rises. It rose sharply, important technical levels were reached and since then, the market seems to have been abandoned to its fate, transmitting very little clarity of ideas and intentions.
It is not to be expected that this situation will change today, either, for the great assets of the Crypto board and that the day will be as boring as yesterday. This market is extremely dependent on the environment and it is exposed to volatile shocks of sometimes very unpredictable origin.
Until the real protagonist of any trading floor, Cash, feels free from this environment so favorable for manipulations, we can forget to see fluid and natural movements.
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Having said that, the BTC/USD trades at the price level of $6,431. Above that price, the first target level at a price level of $6,483, would place the BTC/USD overall moving averages. The second technically important target of $6,565 (price congestion resistance) should serve as a platform for the real challenge, to overcome and consolidate the resistance level at $6,760 (maximum of the short-term side range and price congestion level).
Below the current price, first support at the price level of $6,376 (EMA50), which if not able to support the BTC/USD would move to the second support level around $6,200 (price congestion support). If the BTC/USD loses this level of support the most likely to occur is the loss of the $6,000 and a new visit to the $5,870 (price congestion support).
The MACD at 240-Min shows a mixed profile but is more likely to see price falls than new upward levels.
The DMI at 240-Min shows the absolute dominance of the Bulls against Bears that do not see any clear falls in the coming hours.
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