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Bitcoin is breaking below $47,000 and our first pull back target of $43,000-$40,000 is getting closer. Technically short-term trend has reversed and price today broke below key support levels. The bearish warnings in Bitcoin were given a couple weeks back when we warned bulls that the bearish divergence signs should not be ignored. Additionally the rejection at important Fibonacci resistance around $58,000 and the creation of a lower high added to our worries and we warned traders again that price was vulnerable to another sell off below $50,000.
Blue lines -Fibonacci retracements
Bitcoin is making lower lows and lower highs on a Daily basis. Price is approaching our first target which is the 38% Fibonacci retracement of the rally from the 2018 lows. Potential to move lower exists. A pull back even towards the 61.8% retracement is justified and possible as we explained in previous posts. This was not the time to be bullish Bitcoin as all the signs of an imminent pull back were noted on time and several times. Our first warning came on April 14th when price was making new highs and we warned that a reversal below $59,000 could lead to a deeper pull back towards $40,000. Our analysis warned bulls again on April 18th.
Bulls need to be cautious now. Bears are in control of the short-term trend and we might see them take control of the medium-term trend as well as a major high could be in.
*এখানে পোস্ট করা মার্কেট বিশ্লেষণ আপনার সচেতনতা বৃদ্ধির জন্য প্রদান করা হয়, ট্রেড করার নির্দেশনা প্রদানের জন্য প্রদান করা হয় না।
ইন্সটাফরেক্স বিশ্লেষণমূলক পর্যালোচনাগুলো আপনাকে মার্কেট প্রবণতা সম্পর্কে পুরোপুরি সচেতন করবে! ইন্সটাফরেক্সের একজন গ্রাহক হওয়ায়, দক্ষ ট্রেডিং এর জন্য আপনাকে অনেক সেবা বিনামূল্যে প্রদান করা হয়।
