Bitcoin – bulls are weak

12.04.2022 11:15 pm

Hello, everyone!

I am waiting for retest of trendline 1 to go short, but bulls are so weak because we are not seeing the buying activity at $39-40k. It means that BTC will probably reach the trendline 2 before the significant bounce.

The Bitcoin price broke through the last point of support – 0.78 Fibonacci level. It means that we are in the downward impulse, not correction. As a result I am not expect the prices above $48000 in next 2 months with almost 100% probability.

What is next? I am going to try to open long position at the trendline 2 with the purpose to take the bounce to retest trendline 1 and short the BTC after that.

Good luck!

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