BITCOIN SLASHES THROUGH 30K AS THE NEARLY 3 WEEK TREND GIVES WAY!
Bitcoin late Monday night into Tuesday morning, can be seen sitting at $30,053 at the time of writing. Indicated in the chart above, it can be deduced that Bitcoin had been poised to breakout of its trend. The bullflag had formed and reiterated itself based on the more neutral RSI (Relative Strength Index.)
As the month has past, citing the banking crisis no less than 30 days ago, crypto has been seen as a hedge against the failing lenders and banks. While most analysts sight there is no specific catalyst for the price action, here at Anything Crypto, we could see the push to the upside had indeed reared its head based off of the momentum and flag formed.
ANALYSIS LEADING INTO THE DAY TOMORROW
CPI DATA RELEASE ON APRIL 12TH
The CPI, Consumer Price Index, will be released on April 12th and will be the true test of Bitcoins push through $30k. At the moment, a retest at $28,850 for continuation, at the last consistent high for BTC is already in the works. But a clear rejection from this region could yield BTC back to the $25,000 region, drawing out price appreciation for the asset at large.
On the daily action here, BTC is lookin for a full extension to around the $31,000 region. A retest back at $28,850 would be expected if $29,900 is to break. Holding above the 1.618 fibonacci level would be the bullish for continuation for BTC. On the 4 hour BTC can be seen oversold at 84. This can indicate that a retracement may be in the works for BTC as the day goes on.
