- Beerarish market structure of official Trump over several timetables pointed to Beerarish dominance
- The $ 9 level was defended at the beginning of April, but was handed over and Trump could fall to $ 4.47 afterwards
Official [TRUMP] Continued his continuous downward trend on the charts. The Panic On the other side of the Markt pushed Bitcoin on Monday [BTC] Up to $ 74.5k, and Trump noted a price drop of 15% in 24 hours.
However, the trade volume of 24 hours has since risen almost four times.
The high trading volume, in combination with fast price losses, hinted that it was overwhelming about the market. Trump traders can wait until a small price bounce wants to sell the memecoin.
Trump drops under $ 9, can $ 5 be the next target?
Source: Trump/USDT on TradingView
On the 12 -hour map, the structure was bearish. This theme was where multiple timetables, from 1 day to 1 hour. The Bearish 12-hour structure has been the case in the past three months. Although the trend was not a surprise, the fall of the OBV under the local support was remarkable.
Since March 15, the BBV has maintained above a level (orange dotted) and is slowly climbing higher towards the end of March. This meant increased purchasing pressure. Although the volume was not as high as in February, it turned out that the bulls prevailed.
This situation changed quickly in April. The OBV fell in the direction of the local support and had fallen even lower at the time of the press. This showed that every accumulation has been wiped out by the sellers in the past three weeks. The RSI was 23 and far into the sold -up area – a sign of extremely bearish Momentum.
However, the Trump Bulls can defend the $ 7.6 level as support. This level was the 23.6% Fibonacci extension level and could stimulate a small price bouncing.
Source: Trump/USDT on TradingView
The 2-hour graph also emphasized strong ariting. The OBV was on a downward trend, although the RSI started to scramble from the sold -over zone. A price bounce could reach the $ 9 level that served as support a few days ago.
A retest of this level would probably be received a continuation of the Bearish Trend. The 12-hour graph emphasized the extension level of 61.8% at $ 4.47 as the next target price.
Disclaimer: The presented information does not form financial, investments, trade or other types of advice and is only the opinion of the writer