Hello Traders! Don't forget to support with a like and a follow.
Bitcoin recently had a steep correction from 42K to 33K with heavy volume. But no need to panic, bulls. The trend is still intact. After shorting Bitcoin with tasty profits, here is why Bitcoin will recover.
Bitcoin has tested strong 2 Supports today: The bullish trendline, and an "old resistance, new support" level at 34.5k. The bears haven't successfully broken it down completely.
We can also look at history: You see, on January 4, there was a steep pullback to 28k, then the uptrend continued. The exact same thing is happening now, except that it is at a different price. Interesting. It is like some sort of new cycle that may happen for the 3rd time. I will expound on this more in the future.
The Bitcoin trendline(marked by the yellow arrow) is very strong, because of the steep pullbacks that the trendline managed to hold. We can expect the 41k resistance to be broken in the next 40 hours.
I won't sugarcoat things though: The 50-period Moving Average just got broken: but nevertheless... in the last pullback, the MA broke, but the bulls still resisted.
Thank you for reading this analysis! Don't forget to like and support.