CRYPTONAIRE
WEEKLY CRYPTO investment journal
CRYPTO TRADE OPPORTUNITIES BITCOIN - BTC/GBP
Bitcoin broke above the downtrend line on March 29, but the bulls could not push the price above the all-time high at £44,238. This suggests the bears are defending this level aggressively. However, a positive sign is that the bulls have not allowed the price to dip back below the 20-day EMA. This suggests the bulls are buying on every minor dip. This tight range trading is unlikely to continue for long. We should soon see a sharp move that could start the next trend. If the bulls can drive the price above the all-time high and sustain the breakout for two days, it will signal the start of the next leg of the uptrend. The next target objective on the upside is £50,000. Contrary to this assumption, if the bears sink the price below the 20-day EMA, the BTC/GBP pair could retest the critical support at the 50-day SMA. This is an important support to watch out for because if it cracks, the pair could drop to £36,777. Such a move will suggest that the bullish momentum has weakened. Traders may buy on a breakout and close above £44,238. The stop-loss for this trade could be kept below the 20-day EMA initially and can be trailed higher as the price moves northwards. Cryptonaire Weekly | April 6th 2021
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