- The Bearish market structure on timetables meant that traders had to be biased biased
- Trump’s based fell under the lows of March, which emphasized the increased sales pressure
Official [TRUMP] The $ 5 level was expected to reach in an earlier analysis. The sales pressure has not been relaxed since then and the price was below the level of $ 7.6.
This level marked the 23.6% Fibonacci extension level and the next goal at $ 4.47, the extension of 61.8%, remained feasible.
Bitcoin [BTC] Saw a weak struiting up to $ 80k, but the sales pressure on March 8 pushed the bulls back before they were able to set a foot at the ground at the psychological resistance level.
With a strong ariting in the global stock markets and the fears for a recession, it was very likely that Crypto would have a tough few weeks, maybe even months.
Trump Bulls retains $ 7.34 support, but for how much longer?
Source: Trump/USDT on TradingView
The higher timetables such as 1-day and 12 hours reflected a Bearish market structure for Trump. The 4-hour graph also had a bearish prospect.
That is why traders can be willing to go short or to stay offside. A purchase option was probably not fast for the memecoin.
The OBV tried to recover in the second half of March, which is a reflection of some buying pressure from official Trump market participants. These efforts were too weak to limit the downward trend of the price. The recent market panic sent the OBV gardens under the lows from March.
The RSI has also been under the neutral 50 last week and reflects the Standage Bearish Momentum. Together it seemed unlikely that the bulls could keep the support level of $ 7.34 much longer.
In the coming weeks a movement to $ 4.5 was probably probably. In the short term, a bouncing up to $ 8, the local resistance, was possible.
The 2 -week liquidation heat showed that there were two leading magnetic zones. The nearest was at $ 6.9- $ 7.2. It was also tailored to the indicators of the 4-hour graph, making it the likely price objective in the short term.
The liquidity at $ 8.3 was also remarkable, but Trump Bulls probably does not yet have the power to stimulate prices so high. That is why short sellers can look to make a profit around the $ 7 goal.
A bounce up to $ 8- $ 8.3 would probably be a chance to sell official Trump, because the trend remained strong bearish.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer
