Bitcoin Drop Starts Now?

30 Apr 2020

It is easy to see a drop/correction after strong bullish action.

We've seen Bitcoin (XBTUSD) slowly and steadily growing just to produce a strong jump just like we predicted below:

Now that this move has been complete, where will Bitcoin prices go?


Bitcoin (XBTUSD) 4H Timeframe

We have prices still trading above EMA10, which leaves the bullish potential intact but...

• We have good volume on the red/bearish candles.
  
• Prices already tested EMA10 and still aiming lower.
  
• If EMA10 ($8639) is broken, prices move and close below this level, we look for lower support.
  
• It is normal to have a retrace after strong bullish action, we call it the "classic retrace".
  

These are all bearish signals...
Not only can we have a retrace but a full correction is also possible.

We are waiting for one final strong drop before the 2020 Bitcoin Halving event so we remain on the lookout.

I am not saying that prices will crash for sure but that we are highly open to this scenario (chart analysis).

When it comes to trading, we trade on the spot.
Trading and charting are not the same.

See here our trade for Bitcoin (XBTUSD) since March 2020 that produced over 250%/500%... (Regardless of the chart analysis, we've been bullish all the way)

Now we reached our targets, what will happen next?

Thanks a lot for your continued support.

Namaste.