Spinning Top of Hope – Bitcoin (BTC) is in the process of absorbing half of the previous day’s losses, which amounted to around 5.7%. The pessimistic forecasts give way to more encouraging prospects. This trader does not rule out the possibility of a reversal of the current downtrend.
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Bitcoin at $39,000: soon a trend reversal?
The price of bitcoin rises above $39,000 today, April 27, 2022. Bitcoin trades at $39,165 at the time of writing, and is currently seeing a daily gain of 2.74%.
Bitcoin needs to hold on a daily basis, above the support zone around $38,000, to avoid “a cascade to the south”, according to trader Michaël van de Poppe. In case of failure of this support, the $37,000, the $34,000, and the $30,000 would be the next levels to watch.
What is the probability of such a drop to $30,000 occurring? Trader Rekt Capital recalls that “a few weeks ago” bitcoin suffered a rejection “at the ~$38,300 resistance level”. He points out, however, that on a weekly basis, bitcoin “found support” at this level “in the last two weeks”.
Bitcoin could therefore enjoy strong support above $38,000. But can the markets hope for a bullish recovery? Rekt Capital also shared a weekly bitcoin price chart, which shows the formation of spinning top candles at the high lows – highers lows. These spinning top candlesticks “signal uncertainty in the market”. They also often precede “trend reversals”.
Bitcoin is about three days away from the monthly close. It is currently in a loss of around 14% from the April 2022 opening level. A trend reversal, should it occur, would therefore be to the advantage of the bulls.
Will Bitcoin finally be able to escape this drop of more than 50% in its price? Even a reconquest of $40,000 will not be enough to reassure the markets for the moment. The time is uncertain.
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