Is April 2021 a repeat of March 2018? Did we already reach this cycle's top?
Although Bitcoin broke support at the crucial level of $51k, and I would bet on a retest to the
42K level ($30K worst-case scenario), this market cycle might not be over yet. In 2013 Bitcoin saw a 60% drop in price during Summer, from April to July 2013, before finishing the year off with a reversal towards all-time highs from $65 to $1,100. I remain short in the short-term (for the next 2-3 months), but long-term, I remain bullish. Good area to take some profit (just in case the worst happens) and keep on dollar-cost averaging entries.
Keep an eye out for the 50/21 week moving average.
Always trade safe!
Although Bitcoin broke support at the crucial level of $51k, and I would bet on a retest to the
42K level ($30K worst-case scenario), this market cycle might not be over yet. In 2013 Bitcoin saw a 60% drop in price during Summer, from April to July 2013, before finishing the year off with a reversal towards all-time highs from $65 to $1,100. I remain short in the short-term (for the next 2-3 months), but long-term, I remain bullish. Good area to take some profit (just in case the worst happens) and keep on dollar-cost averaging entries.Keep an eye out for the 50/21 week moving average.
Always trade safe!
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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.