BTC entered in bearish zone when it closed below our reversal mid term support..

Coinmarketcap is also not getting a strong support to bounce back so reversal can be more delayed

✅ BTC and market Analysis ✅

BTC -
BTC broke the reversal mid term support $6120-6300 and entered in bearish market conditions..

Currently trading at $4990 at the time of writing..

As BTC has broken reversal mid term support, it will trade below that for at least 2 weeks and there will be strong resistance at 6120-6300 zone which if gets broken and closed above that on daily then we will see an uptrend..

Chances of Getting 6120-6300 broken is now less because of Fundamentals like Corona virus and overall world economy..

As per TF analysis, Bottom can be located around $3420 while $3600 will behave as good support.. Mid term holders should eye on $3420-3600 zone.. BTC will go up only in case of Good positive fundamentals else it is going down..

BTC supports -
$4770-4815 local
$4500-4545 weak
$4194-4246 neutral
$3600 strong support

Resistances -
$5220-5290
$5400-5445
$5850-5940
$6120-6300 reversal resistance

$5650 is making Supply zone..

Things to note -
1. We had witnessed biggest drop in a day in last 7 years..
2. Current BTC Volatility in Market is highest since 2014..
3. BTC weekly close was the one of the bearish in history (it closed below 200WMA)

We really need good positive fundamentals to break this bearish technical aspects..

So don't make any changes in our recommended portfolio suggested a week ago..

CMC (Cryptomarketcap) analysis - (Tradingview index)
CMC is totally destroyed.. It broke $162-$171 billion support and entered back to bearish mode..

We need a close above $144-150 Billion zone for short term stability while close above $171 billion can change the trend again..

Supports :
$126-128.50 billion
$117-119.70 billion
$108-108.90 billion - Important
$100 billion - psychological and very important support..

Alts Market cap analysis-
$45 billion and $36 billion are the most important supports for Alts cap at the moment..

BTC dominance analysis -
BTC dominance is not looking bad for alts.. But decrease in BTC dominance is not useful for alts unless Alts market cap increases more as compared to decrement in BTC.D

66.60% is short term resistance while 69.07% is important resistance.. 63% is support..

2 consecutive 4H close above $5220-5290

Trading nearby 2nd resistance and supply zone.. Breaking our can test 6k

CMC is now $149 Billion..

Need daily Close above $151.20 billion for some bullish short term..

CMC has respected $126 billion support..

It broke our 2nd resistance and leading towards 6k now..

Now it is in $5850-5940 resistance zone..

We have given Spot BTC buy signal at 5400 in premium channel.. So so far 9% up..

BTC will be bullish once it breaks 6120-6300 reversal resistance.. But world is facing recession so there are some difficulties for overall world market to recover quickly as per Fundamental view..

Positive Decoupling is being seen in BTC and alts at the moment

BTC is still facing resistance in 6120-6300.. This is important resistance zone..

Supply zone is broken..

Now only point is 6120-6300 and 2 daily Close above that along with upcoming weekly.. It can make it bullish..

Fundamentally, Corona virus impact on world market has gone worse..

65% & 95% large scale & mid scale businesses in China have been resumed.. But other countries are still facing the issues..

Australia, India and many countries are still in 2nd phase of this outbreak and if those fail to control it then it can be worse for overall economy..

Recession like conditions are there in world market.. So fundamentally Crypto is not yet that strong..

BTC tried to break out of my resistance but failed in first attempt.

Its not easy to break this resistance tbh..

Daily Closed Below 6300

BTC and market update -

BTC -
After closing the CME gap BTC saw a quick drop towards 6120 zone..
BTC monthly open was 6420..

As per monthly close of March, BTC can see a drop till 5560 zone this month (Fundamentals are not considered here)

Currently BTC is trading at 6660 zone..

As stated in prior analysis and conditions for BTC to be bullish - BTC has completed the condition of closing at least 3 times above 6300 on 1D..
But it still has not completed the condition on 1W TF..
BTC saw the drop before the recent weekly close.. So this condition is yet to be fulfilled to be sure as Bullish Sentiment..

As gaps on CME charts gets filled 94 times in 100, BTC can still Fill the gap of 9100 in upcoming weeks (Need Weekly close above 6426).

In analysis of 13th August 2019, 16th August 2019, 18th September 2019, We told that BTC need a weekly close above 11610 so that it can reach 15000.. BTC pumped till 13800 but failed to Close a weekly above 11610 which resulted in correction.. (Search '11610' in this channel or search by date)

So same like that, we need a weekly close above 6426..

Supports -
$6444-6505 local
$6120-6300 weak
$5805-5850 neutral
$5220-5310 short term important

Resistances-
$6730-6820 weak
$7110-7200 yearly open + neutral resistance
$7810-7900 short term strong

CMC (crypto market cap) analysis -
Cryptomarketcap is currently at $182 Billion as per Tradingview charts and it will face resistance weak at $187-189 Billion..

$200 Billion is important psychological resistance.. If it gets broken then we can see BTC testing 8k zone sooner..

As per our CMC analysis given on 17th March 2020, we said we needed a Daily Close above $144-150 Billion for short term stability..
It closed above $150 billion on 18th march and from then didn't dropped below that so $144-150 billion is behaving as good support for now..

Supports -
$169-171 Billion
$144-150 billion important
$126-130 billion

Resistances -
$187-190 billion local
$200 billion psychological
$225-230 Short term strong

Alts analysis -
Alts marketcap increased by $12 Billion in last two weeks but BTC is over performing alts so we can see that alts are dropping in their Satoshi value and it can continue further if BTC.D breaks 66.60% resistance and closes above 66.80%.

BTC dominance analysis -
BTC dominance is exactly at the resistance value of 66.60% and a daily Close above 66.80% can make it bullish.. So be careful with alts in Satoshi pair..

As per current scenario BTC is looking to test $71xx yearly open..
Crypto market is currently decoupling with stock market..
Upcoming Fundamentals will play some important role so don't expose much funds in any trades and trade with proper risk management..

BTC currently got rejected from $6730-6820 resistance

As stated in Last paragraph, BTC exactly tested the yearly open 71xx ❤️👍 in just 6 hours of analysis..

Binance high was 7198..

$7110-7200 was neutral resistance so it dropped back exactly from there..

Update to above analysis and results produced by it..

It already did what we said in last paragraph of conclusion..

Most importantly, BTC weekly closed above 6426 as per our conditions.. And it immediately pumped by almost 9% from weekly close.. So far it is holding $7k zone nicely because of weekly close as we analyzed..

$7810-7900 will play strong resistance zone as mentioned..

Supports -
$6991-7072 weak
$6550-6622 neutral
$6120-6210 strong

Resistances -
$7585-7630 local
$7810-7900 strong short term (Need 4 tests of resistance to make it weaker)

CMC update -
CMC pumped nicely after breaking $187-190 billion resistance.. Next resistance is bit away so currently BTC resistance can play more role..

$187-190 billion has flipped as support..

BTC dominance update -
BTC dominance failed to close above 66.80% and dropped exactly from our resistance zone making some gains on Top alts most probably.. It has support 64.87% so keep eyes on it..

Fundamentals -
Fundamentals are not really clear because of Corona.. Some experts are predicting chances of GFC (Global Financial crisis) worse than 2008.. So I would not suggest to enter more funds in a trade.. Use safe trading strategy..

BTC can test next two resistance.. Weak and strong support can be your Buy ladder areas with small amount..

Update -
BTC pumped back from $7108.08 from weak support zone..

BTC pumped back from $7080 (as per perpetual contract bitmex) from weak support zone..

BTC dominance update -
We mentioned our support at 64.87%, and BTC dominance pumped EXACTLY from 64.86%.
Bounce was not harder..

BTC has failed to close above 7380 zone.. CME has closed at 7290.. We may see a retest of 7290 zone..
But as said previously, negative fundamentals like GFC is still a major factor in my fundamentals analysis so not recommending to enter much per trade..