Bitcoin Technical Analysis 04-01-21
Bitcoins opens at $58K and goes down to around $58K and stable around $58K ~ $59K. The average transaction fee is $17.91 which is 2.28% increase from 03-31-21. As I mentioned yesterday, Bitcoin continue stabling around $52K since All Time High has reached at $61K. My calculation on its value is $62K at some point which indicates that Bitcoin may continue correction in coming week with its strong support at $52K. Bitcoin may touch $61K again. If it stables around $58K ~ $60K, the next target is stable at $61K and hit $62K. You can reference my method here. Despite the correction, if Bitcoin is back at $61K zone and head it to $62K.
Bitcoin flash crashes and hit $56K before it backs to $58K indicates that there may be more downward correction coming.
I remain my floor price to $40K indicates the strong support and remain the ceiling price at $50K.
Bitcoin volatility is moving less volatile in yesterday. The market has reacted peak value at $61K but retreated to $54K which means the Bitcoin prepares for next milestone $60K at some time if continue stabling around $58K. It is fairly stable at this level around $52K. Volume of trading is still very health at this level and surprisingly the transaction fee has improved.
Bitcoin increases its correlation for Gold that it becomes a neutral position 👁️. The price may fluctuate more in the coming day since Bitcoin VIX is low but Bond VIX increased. There may have medium risks in the coming day as the greed level goes flat!
Bitcoin Value = $40k ~ $50k and my position is Long.
Also, if you have any suggestions, please do not hesitate to let me know!
Thanks for reading and see you tomorrow!
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