bitcoinEven though it is annoying to say that we warned you on days like this, when the decline in .
On March 15, we talked about the weekly death intersection in Bitcoin, and we stated that although there were intermediate increases after this intersection, the price could ultimately fall to the 200-week moving average.
In this analysis and further analysis, we shared that the risks should be mitigated when Bitcoin goes to the range of $ 46,000 – $ 48,000.
Unfortunately, the price did not rise above the profit zone and fell 20% from this level. Meanwhile, the decreases in altcoins exceeded 50%.
Current Table
One of the most beautiful data that helps us in the bear-bull distinction in the market is the 50-week average.
In this context, when we look at the current situation, we will not look positively to the market in the short term as long as it remains below the 50-week average.
After the aforementioned crossover, we will continue to wait for the 200-week average to add the bottom and new money to enter the market.
In the meantime, could we miss some opportunities? Yes. However, we are not interested in missed opportunities, but in levels that offer us a safe investment in the long run. Because we are here on the rise as well as on the decline.
Many investors are in with high costs. If the market surprises and starts a big rally from here, you have enough goods to sell inside. At this point, it would not make sense to increase the risk in order to gain more profit.
For short-term trading, $36,000-$35,000 level, where the 100-week average and trend support cross, can be followed as support.
In Bitcoin, we will update our view of the market if the price rises above the 50-week average again. This level is currently crossing $44700.
*Not Investment Advice.