Slope and dip – Bitcoin (BTC) drops to a level it hasn’t touched in almost a month and a half. What is the next key level that could reverse the downtrend that seems to be setting in for several months?
The daily course of bitcoin (BTC) is brought to you in collaboration with the Traing du Coin and its algorithmic trading solution finally accessible to individuals.
Bitcoin at $38,000: The Bulls’ Defensive Strategy
Bitcoin Price Loses $40,000 Today, April 26, 2022, and Falls up to around 37,760 $ on Bitfinex. Bitcoin trades at $38,057 at the time of writing, and is currently recording a daily loss of 5.29%.
Does this fall put – already– end to the bullish scenarios issued a few hours earlier? Crypto trader Ed hoped a rebound around $39,500which would have not only taken bitcoin back to $40,000, but potentially as high as $42,800.
Trader Rekt Capital also expected further rises. He believed bitcoin “can dip” to around $39,500. He nevertheless pointed out that “the red diagonal on the RSI” in the chart below, “ suggests that this current rally is not over “.
The successful test of $39,500 was expected to allow bitcoin to “benefit from the continuation of the trend” up.
The bearish forecasts seem to stick much more to reality, however, than these hopes of a bullish rebound. Analyst Nunya Bizniz drew attention to the 20 and 50 week moving averages. The “slope” of the curves of these averages is “ turned negative for only the third time in bitcoin history. On the first two occasions, this event was followed by a downside correction of more than 50% for bitcoin price.
Investor Tuur Demeester who commented on this graph shared by Nunya Bizniz, validated this analogy. The bulls should now defend the $35,000 according to Tuur Demeester, to restore a bullish breath to the markets:
“If bitcoin could not capitulate this time and hold above $35k, that would be an incredibly bullish sign”
Tuur Demeester, however, foresees “ a slide down and 3 to 6 months of price recovery “, referring to” the weakness of global markets “to justify such a scenario.
The reclaim of $40,000 was apparently just a corrective bounce that was no good. The markets are now expecting a probable capitulation.
Is it possible to be a winner every time? Whether the bitcoin price is in great shape, or going through turbulence, Coin Trading offers you to increase your chances of success. Indeed, Coin Trading allows individuals to access a trading tool algorithmic and 100% automated. Real trend mechanism, test this tool designed to adapt to market reversals and position yourself on the most dynamic crypto assets of the moment.