A Bitcoin Correction Then Start the Bull Run
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Hello friends as I predicted in my post "Bitcoin Could Reach All-Time High This Year" the price of bitcoin (BTC) fell at dawn to USD 28,500 and at the time of writing this publication the price has remained at USD 28,567, achieving strong resistance at that price. It should be noted that bitcoin has not touched that price for 10 days. despite falling to $28,500, it later rallied slightly to around $28,800, where its former resistance was.
Despite the drop and resistance at 28,500, bitcoin can be expected to continue falling to 27,000 as shown by similar patterns that occurred in 2020, if so, bitcoin could make a strong rebound and start a Bull Run and at the end of the year reach a new all-time high but at the moment bitcoin is testing support at the point that was its previous resistance. In mid-March to early April, the bitcoin price failed to exceed USD 28,800, as the following chart from TradingView shows.
In the last two days the market has been somewhat stable, if there are large movements and without important news that can benefit or harm the market, therefore the bitcoin price has increased as expected and with yesterday's drop it was something easy to predict since These movements are usually very frequent in the world of crypto assets
Despite the new resistance, it may be that this point becomes its new support and begins to fall as I mentioned before, as I have mentioned on many occasions, predicting the market is somewhat complicated, but there are patterns that are easy to read and it gives us an idea if the market goes up or down the only difference that gets out of hand is when some unexpected news comes along and the market changes drastically from one moment to the next.
Therefore, it will be necessary to see if the bitcoin market manages to maintain the margin around USD 28,800 as its new support or falls to levels of USD 27,000, we just have to wait in the last hour for the movement of bitcoin.
The world of cryptocurrencies is a world of risk and fortune today we can be in glory and tomorrow we can be regretting everything will depend on your investment and the mental capacity to know how to endure and buy and sell in due course moment. |
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