The 6,000 Euro at the beginning of last week could not be held, so that the price fell back to about 5,400 Euro. After a short rise to EUR 5,800, the share price fell back to its low for the week. Overall, the Bitcoin price continues to move in the triangle pattern that has been pursued since the end of December.
The cryptosoft price fell this week
Since the beginning of April, the cryptosoft price has been moving in a downward triangle pattern, the end of which coincides with a triangle pattern hat has determined cryptosoft developmentst since the end of last year.
Overall, the share price is bearish. Currently the price is fighting against the support described by the Triangle Pattern, another important support and re-entry level is 5,336.00 Euro, first interesting resistance and first target 5,698.57 Euro.
As already indicated yesterday, last week was marked by a slight price increase for Bitcoin and other crypto currencies, but neither momentum nor volume was strong enough to end the current bear market. The Bitcoin price is currently moving synchronously in two more or less superimposed triangle patterns: Since the beginning of April one is being tracked whose peak is almost congruent with one tracked since the end of December 2017:
Entry Points, Stop Losses and Targets of the crypto trader
Currently, Bitcoin can hold its ground above the downward trend it has been following since the beginning of March, but is testing its support shortly before the end of the triangle pattern, which gives cause for concern to the crypto trader. The MACD (second panel from above) is negative and falling. The MACD line (blue) is below the crypto trader signal (orange).
The RSI is at 42 and therefore bearish.
Overall, the impression is bearish. Looking further ahead, as the 1D chart shows, the market still remains a bear market. Although the MACD line is slightly above the signal, this difference is still too narrow to hope for a positive breakout.
Support and Resistance
The first support is 5.336 Euro and is described by the support of the Triangle pattern. Another important support level can be defined by the former downward trend at 4,970.53 Euro.
The first resistance is defined by the exponential moving average EMA50. With 5.698,57 Euro this is approximately at the level of the resistance of the Triangle Pattern. Should the price overcome this level, another resistance would be described by the EMA100 at 5,959.57 Euro.
Since the market situation is bearish at the moment, one can rather advise against a long position at the moment. Sure, you could use the support at 5.336,00 Euro as stop loss and hope for a test of the resistance of the triangle pattern with a target at 5.698,57 Euro. It would be safer to hope for a bounce at one of the mentioned support levels. These are reasonable entry levels and stop losses.
If the market should change before a test of the supports, an entry point would be given by the first Resistance mentioned above. A very optimistic target is the second resistance described by the EMA100.