Last week did not bring positive to the bulls and the price still slowly, but surely began to fall down. The mark of $10,000 remained untouched. These were the impressions of last weeks’ bitcoin price analysis.
The weekly candle turned out to be bearish. In general, the structure of the movement begins to resemble the middle of February – early March, when the price felt resistance in the $11,700 area, tested it several times, and then heavily rolled back down.
BTC / USD, a weekly chart
The daily chart also has a characteristic rounding, indicating the pressure of the sellers. The day before yesterday and yesterday there was something like a reversal, but just overnight the bears strengthened the advantage.
BTC / USD, a daily chart
On a smaller timeframe, the price moves very technically, forming triangles and channels, practicing their width. Now we are moving in the framework of two large horizontal channels with a width of approximately $900.
This week, bears will seek to break through the $8,100 mark, where support is located. If they manage to break it, the next target will be the $7,500 zone.
Bulls also need to break through several important levels at $8,600 (the descending local trend line), $9,100 and $10,000. Only after the breakdown of the psychological mark of $10,000, the path to $11,700 will open.
However, at the present time, the advantage is for the bears.
BTC / USD, four-hour chart
This week there will be one very important event that can drastically change the situation on the market. From May 14th to 16th, with the support of CoinDesk in New York, the Consensus event will be held. The event will be visited by more than 4,500 participants, among which there will be large corporations and influential retail investors. The conference will be attended by a number of Altcoin developers who will probably make important statements. The latter is likely to have a positive impact on the price of coins.
Consensus can have a huge impact on the market as a whole. So, last year after this event was followed by the June bull rally.
Thus, the upcoming week promises to be interesting and eventful, which will increase the volatility of the market, which will create a lot of opportunities for both active traders and automated trading systems. Investors should be patient – it is quite possible that the conference will bring a lot of positive, which will have a long-term impact on the prices of many coins.