The present situation is harder to understand than I would like it to be.
The technical analysis shows the following:
- rising wedge
- Daily MRI TOP (red arrow above the red candle of April 3). But not at or near the peak, but in a correction. Therefore, the MRI should not be the reason for the decline.
Nevertheless, a plan should be made.
The worst-case scenario and the most logical one I see right now is about 54K. Why?
- That's where the size of the wedge indicates
- the SMA50 daily is there
- if MRI Top causes a correction, it lasts 1-4 candles
But we're around 58k right now, why would bitcoin fall almost 10%?
- I'm not saying bitcoin will go down 54k. I'm saying if it goes down, at 54k support.
- As I write this, I see a better chance for the bulls. I'm assuming a rise in the price.
- Right now I'm looking to see which of these lines in the screenshot below will be broken.
The technical analysis shows the following:
- rising wedge
- Daily MRI TOP (red arrow above the red candle of April 3). But not at or near the peak, but in a correction. Therefore, the MRI should not be the reason for the decline.
Nevertheless, a plan should be made.
The worst-case scenario and the most logical one I see right now is about 54K. Why?
- That's where the size of the wedge indicates
- the SMA50 daily is there
- if MRI Top causes a correction, it lasts 1-4 candles
But we're around 58k right now, why would bitcoin fall almost 10%?
- I'm not saying bitcoin will go down 54k. I'm saying if it goes down, at 54k support.
- As I write this, I see a better chance for the bulls. I'm assuming a rise in the price.
- Right now I'm looking to see which of these lines in the screenshot below will be broken.
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In or out? It depends on your plan. I don't think bitcoin is in a bubble right now. I assume further growth. Will bitcoin go to 54k before it goes up? I don't know. It's not that important in my view. In my current vision it will soon be 70+, not <50. But I'm not advising anyone to do anything. Everyone has their own plan and their own risk management.