Many people are still of the opinion that Bitcoin is still bearish. As a result, there will be no positive movement in Bitcoin. The truth is that even when you look at the fact that it is down by 50% from the peak but still, it is up by 700% from the bottoms which it just made to 18 months ago. This is a clear indication that this is actually a bull market correction.
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Bitcoin weekly analysis:
When you look at the weekly chart of Bitcoin, it is down by 12% in the last 7 days. Moreover, when you look at the last 24 hours, it is down by approximately 1.5%. Also, when you look at the candlestick, you will realize that the depreciation is somewhat curtailed. It has recovered a bit from the bottoms. However, if you are a trader you should still be looking for selling opportunities. If indeed, it moves above $ 7800, you can think about selling it. On the other hand, the target on the downside will be around $ 6000.
You need to, however, keep in mind that when you’re shooting thousand dollars, you have to look at the momentum. If the momentum is very strong on the upper side, it can lead to a swift recovery as well. That is why you have to ensure that the appreciation is on lighter volumes. Only when the appreciation is on the lighter volumes, shorting will present a good opportunity. This will also mean that it is rising without any solid momentum. As a result, it will become easier for you to make swift the profits whenever you are shorting it as well.
You need to keep in mind that being on the bearish side is a good idea and bullish positions would be avoided. Only when you are avoiding the bullish positions, it will become much easier for you to make some profit by trading in Bitcoin. For now, however, the bullish positions need to be kept away.
Thus, if you’re thinking of trading in Bitcoin, this is the trade which you should be looking for. If indeed, those levels do not appear, it is a better idea to avoid the trade. You should avoid going long on Bitcoin in the current scenario. The trend seems to be bearish for most of the other cryptocurrencies as well. As a result, taking a long position is not advisable in any of the cryptocurrencies unless and until there is some news development. Keyword: Bitcoin, BTC, USD, Bitcoin trading, short Bitcoin, bitcoin technical analysis today, bitcoin technical analysis reddit, bitcoin chart, bitcoin chart live, bitcoin technical analysis software
