Crypto Market is Still Bearish
As we head into April prices for bitcoin and the Crypto market are still taking a dive. Last night we blasted through support lines for BTC and formed a daily lower low below $7,300. The outlook at the moment is quite bearish and not many opportunities to trade.
Sentiments are down for the crypto market in general and many investors have lost interest as the price continues to dive down. We will need some significant bullish news to turn this trend around in my opinion.
If you are trading bullish I'd recommend you patiently wait for oversold bounce conditions. Currently the 4 hour RSI is approaching 20 and an oversold bounce is due.
Other than oversold bounces our next support is at our previous low set in February set at $5,900 USD mark.
3% BTC bearish trade
I know that there may be a lot of hodlers amongst you and even though the prices keep dropping there are still trade opportunities to be had for those of you who are long term crypto believers and see the value of cryptocurrency for the future.
Anyways here's a bearish trade I made where I sold half of my BTC holdings at the top blue line (I had stop limits in place) at $6,895 USD and started scaling back in around the lower blue line at the $6,696 USD mark. This was a nice 3% trade and in this case I decided to keep the profits in fiat as I am still waiting for oversold bounces to play out. This trade can work nicely for long term hodlers who are simply looking to improve their positions by accumulating more of BTC or whichever coin they like.
Remember guys this is not financial advice, always do you own research before you act on anything.
Happy Trading and hopefully the market turns around soon. Until then bearish trades and oversold bounces are what I'll be playing
Peace
Fuble