Here are my thoughts on BTCUSD. I have marked out some key supply & demand areas that I will keeping an eye on. Overall my theory is that BTC will remain under the 10k mark, and we may see some form of bull run when BTC halving comes into play - ETA 15th May 2020.
The first area that stands out to me is the 8000 level. You can see that price has fell hard at this level recently, I would expect price to come back up and revisit this area, before potentially dropping further (to the most recent demand zone 5265-5400 area). As an added confluence, there is a couple of EMA’s supporting this level (100/200 Daily EMA in particular)
I am not ruling out a revisit of the second demand zone (3850-4000 zone)
Should we break the 8000 level, I would pay close attention to the 9000-9200 area, as this is another supply zone where price could potentially fall.
If you trade Bitcoin often, you should know that it reacts quite violently to psychological numbers, 10,000 especially. This takes us to the region of our final supply zone, and this will determine whether Bitcoin will go up further, or collapse as it has done previously. Should we see a clear break of this area, we could see some new highs.
Let me know what you think below - thank you!