Is BTC at the beginning of bear trend
Since January BTC rose to 64,864 level in mid-April while respecting up an upward trendline which can be drawn from early Jan swing lows.
From Jan to April, this steep trend line represented the strong bull momentum which can't be sustained. Steep trendlines and bull euphoria historically don't last long.
As a result on 18th April, this up trendline was broken and key support zones 56,000 subsequently broken too on back of losing Bull momentum. Trader do remember what happened in 2017. This time are they taking profits earliers?
BTC on Daily Chart on 23rd April touching 100-days EMA for first time this year. So are we at the beginning of BTC bear trend? Here are our personal viee (not financial advice):
DYOR. Stay safe!
From Jan to April, this steep trend line represented the strong bull momentum which can't be sustained. Steep trendlines and bull euphoria historically don't last long.
As a result on 18th April, this up trendline was broken and key support zones 56,000 subsequently broken too on back of losing Bull momentum. Trader do remember what happened in 2017. This time are they taking profits earliers?
BTC on Daily Chart on 23rd April touching 100-days EMA for first time this year. So are we at the beginning of BTC bear trend? Here are our personal viee (not financial advice):
- Short term (30 days) we forecast BTC will be trading within 44,000 support and 60,0000 psychological resistance level.
Penetration of either resistance or support signal Bull or Bear winner.
Long term we remain bullish BTC. Key objectives to retest ATH, and next 75,000 BTC by August 2021.
DYOR. Stay safe!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.