After bullish for 8 weeks in a row, finally Bitcoin touched the zone of US $ 8 thousand. Is this a sign of the end of the Crypto Asset King's bullish end?

Ahead of Bitcoing Halving, with a lot of euphoria and optimistic sentiments, then the price of Bitcoin touched US $ 10,000, making the "moon bois" confident that the Crypto Asset King would continue to rise.

However, this morning, Sunday 10 May 2020, Bitcoin actually dropped into the zone of around US $ 8 thousand and made this week's candlestick red after 8 consecutive weeks of green (bullish). 

Simple Technical AnalysisActually,

the "dump" that occurred on Sunday morning, is just an ordinary reaction after touching psychological resistance of US $ 10 thousand. It also coincides with the trend line formed since the bull run at the end of 2017 (as shown in the green line in the picture above).

The next support that needs to be held back so that prices do not fall further is the area of ​​US $ 8 thousand. If this breaks a clean break, then you can expect Bitcoin to fall even further.

^{There is a Bearish Signal}

Bitcoin Halving is less than 3 days away (estimated on May 12, 2020 in the 630,000 block), making the expectations of market participants soar. However, the RSI indicator said a dump would be overshadowed.

When viewed in the 1-day timeframe, RSI has come out of the overbought zone, and has come out of the trend line.

To be bullish again, the rise in the price of Bitcoin needs to be fast and strong enough that the RSI can return to the trend line and not make a failure swing.

Traders are advised to be careful in dealing with this Halving, because high volatility can make a trader lose his position.