Buy Bitcoin because it's in a Support Zone and has Broken Out
Updated
I think there's a good chance Bitcoin bounces to the 9000 level by May.
Below are reasons why I think it's a good time to buy:
1. Bitcoin is seeing buyers in the 6500-7500 support zone as highlighted in the chart above
2. Bitcoin has broken above the downward trend line
3. The sentiment is very bearish meaning everyone that wanted to sell already sold. If there's no sellers left, the price can only go up.
The extreme bearish sentiment could also result in a dead cat bounce as shorts panic cover. Either way, I think prices have a better chance moving up than down.
Below are reasons why I think it's a good time to buy:
1. Bitcoin is seeing buyers in the 6500-7500 support zone as highlighted in the chart above
2. Bitcoin has broken above the downward trend line
3. The sentiment is very bearish meaning everyone that wanted to sell already sold. If there's no sellers left, the price can only go up.
The extreme bearish sentiment could also result in a dead cat bounce as shorts panic cover. Either way, I think prices have a better chance moving up than down.
Note
Wow, Bitcoin is really moving, 9,000 my May!
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