Crucial Bitcoin Level: $30k or $85k
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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