After Friday’s bleeding that sent BTC down below the $50K zone to the $47,100, we held a critical support line that might be signaling an upward move
Bitcoin has slipped below the 50-day moving average support that it held sacrosanct through this rally. Dipping all the way down to a dangerous low of $47,1K on Sunday, about exactly at the 2.618 Fib retracement. Breaking of this support level would have signaled some very bearish news for the whole crypto sector.
Now that we have regained some bullish momentum, the next target to look for would be the last rejection mark ($64,7K). Once we push through this resistance zone, we might have some steam left to be able to hit the $74K mark.
This is, in my opinion, where the real Altseason starts, and where the momentum on BTC starts to die down, signaling the end of the bull run. But that doesn’t mean that we will get there.
Bitcoin also has a resistance range of 53847 to 54893. And as long as this resistance is not broken upwards, we can still dip below the 2.618 retracement. And then it could fall to the number $42K.
Meanwhile, if the resistance breaks and we go upwards, the way to climb to the number $68K level is clear.
Be careful to not overleverage your trades, only trade what you can afford to lose
If you are not sure about your trading capabilities, it’s probably better to dollar-cost average. Be aware of your emotions, FOMO and FUD.
If you’re panicking right now, maybe reconsider how much you have invested or what coins you’re invested in. This is a volatile space and your mental health is more important than anything else, especially controlling your emotions. Take care of yourself, stay hydrated, check your posture, and keep a big picture perspective.