April. 0.618 Level (7650 USD) hasn't been breached prior to this moment which is a 'must-hold level' on a higher timeframe for the bulls. Test of the lower fib support (4320 USD) in the next period is very probable.
2. 8EMA has been violated, it has been providing support for the price action of BTC since the end of 2015. Normally attributed to 'swing-traders', 8ema is one of the classic settings on par with 50/200 SMA Cross on 1D.
Overview of 1M: Turning bearish. Break of 8EMA is the violation of a long-term support on the higher timeframe - it signals that the bullish trend established since 2015 has been violated and there is one more 'checkmark' for the bulls to go through until BTC will re-establish its bullish track record of setting ATH's. Violation of 0.618 Level and 8EMA is creating a double resistance for the bulls at 7.7 - 7.8K regions on the 1M timeframe. The test of the 0.786 fib support at 4320 USD is very probable before the next 1M closing print on the 1st of May.
1W - Timeframe
Note: The bullish / neutral / bearish zones are marked for the 'bias' of the swing traders.
1. Long-Term Fibonacci level has been violated with a lower closing price print on Sunday, 1st of...
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