Analyzing Bitcoin (BTC or XBT) chart, we can see that the downtrend is still on.
That doesn't mean bad, but only where the market is in this moment.
For first chart, i used Bitmex.
Bitmex market is a place where traders can make money in any direction, up or down. So, identifying the direction is the best way to trade and profit from it, even is only 5-10%.
It is very risky for newer people in trading to enter in this market at the beginning, but it is good to see in many exchanges how the trend is.
So, back to the point: as i said in the chart, i think we are still bearish.
On the hourly chart (H1), we can see how it got out from the main big channel (blue line) and played a bit then crashed back.
In the big picture, from the february low and high (6th = $5951 and 20th = around $11700) with a Fib Retracement we see it below the 78.60% ($7119) which hasn't hold it much in last 10 days. That's another bearish sign.
View it live here:
"BTC - Bitcoin trend Daily (Renko) - April 10th - still bearish" by trader ilvstranger — published April 09, 2018 — TradingView
Accordingly to Renko chart (this one on Binance) and also to the normal candles chart, i think we will retest one or both of the support lines $6561 and $6420.
From Renko, it still seems that it wants to retest the February low.
View it live here:
"BTC - Bitcoin trend Daily (Renko) - April 10th - still bearish" by trader ilvstranger — published April 09, 2018 — TradingView
Last thoughts:
Overall, if we'll break the next 2 supports we can go down to around $3200.
But we'll see how it goes.
Cheers
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BTC - Bitcoin trend H1 and Daily - April 10th - still bearish - April 10, 2018
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