cryptocurrencies It has been falling for months, led by Bitcoin, and geopolitical tension heralds bigger bottoms. However, there are also those who look at the glass half full. Despite the BTC price below $68,000, Sheldon mentioned that there is an upward trend on the chart. At the time of writing, BTC has formed its second 15-minute bullish candle.
Bitcoin will rise (and fall)
Sheldon Diedericks wrote that the upcoming monthly close creates a bullish trend on the chart. His prediction is that we could see a rise to the $83,000 resistance area throughout April. However, after this resistance test, deeper bottoms can be targeted. A few analysts, such as Roman Trading, were also talking about an interim rise before the devastating bottom.
Sheldon’s bottom target is at $50,335.
gel By following the DCA recommendation, he made the right moves in the past 3 years. The analyst, who had previously determined the accumulation and gradual sales zones, started to return to cash without waiting for the ceiling of the sales channel to be tested before the decline accelerated.
Sharing the same graphic today, Jelle wrote:
“Many of you will remember my bull market plan: a simple plan to gradually close out my positions as prices rise.
Re-entering the market is a little more complicated, but this chart shows how I go about it. I either hit the prices I want or I start DCA when the RSI tells me it’s time to start buying.
A strong higher low after reaching weekly oversold conditions is usually a good time to buy. “When that signal comes, I won’t ignore it – but until then, I expect lower prices.”
So Jelle doesn’t think it’s time to be brave yet. Perhaps Iran tensions will help create this bottom.
Bitcoin (BTC)
lingering in the same range for 57 days Bitcoin He was never able to permanently exceed $70,000. This is not surprising as the news flow is not very in favor of the bulls. Trying to go below $65,000 for deeper bottoms many times BTC For now, it hasn’t made the bears happy either. However, as continuous bottom tests cause the region to weaken, the risk of losing support increases in the coming period.
US data at the time of writing also shows that unemployment may accelerate its increase along with inflation. Investors should be prepared for volatility, as the 57-day consolidation and news flow tells us that Bitcoin may experience a new breakout in the 10-15 day period.
