Dead cat bounce on Bitcoin

Since the beginning of April, the price of Bitcoin rallied very close to the 10000 Dollar zone, but it couldn’t reach exactly that level to start retracing to the downside. The price breaks below the 9000 level and below the 200 day EMA (blue line) to bounce to the upside from the 8000 level. The price of Bitcoin tried to bounce back up, but the 200 day EMA acted as a resistance and the cryptocurrency drops again below the 8000 level. The bearish momentum accelerates below the 8000 level and reaches the 7000 level from where it bounces to the upside. After the bounce, Bitcoin drops rapidly and makes a gap to break below the 7000 level, forming what it is to known as a dead cat bounce. Bitcoin drops very close to the 5977 level and then consolidates around the 6495 level from where it started rising in April and forms a triangle or pennant. From the current consolidation the price may head in any direction. Above the 7000 level, the 8000 zone may act as resistance. To the downside, the 5977 may act again as support.