Hi traders! All of us were a bit shocked by the BTC price action. Frankly speaking, we didn’t expect such rapid price fall. Nevertheless, we find it kinda normal. Come on, it’s crypto! Any trader should be ready for the worst, you know. But, if we tell you that this price action is kinda normal thing and we have already seen such fells in past?
As you know, there is the thing that’s called option. Every month, approximately in the middle, the price falls rapidly and makes all of us a bit nervous. However, let’s have a look at the plot. As you see, we have 18-27% down swing every approximately every month last year. It’s not profitable for option issuers to sell BTC by the price that’s smaller than the market. February, March and now – April, the same pattern, the same stress.
How do we see the future price action?
We are expecting of consolidation on 51200$(approximately 0.236 Fiba level). Why? Cause we have a strong support level here, that’s confirmed by previous price action. Moreover, it’s confirmed by rejection from it of today’s “dead candle”. After it, we are expecting the growth and breaking up the 0.5 Fiba and consolidation near 0.618 Fiba (for about 67000$). We are still bullish and believe in BTC great future.
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DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions.