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Bitcoin ... An opportunity to buy or the beginning of the meltdown

 


Bitcoin price fell by nearly 11% on the daily frame to $ 38,514, putting in front of us an important demand area extending from $ 37,412 to $ 39,727, and that range is below the 200-day moving average, but do not forget that the area extending between $ 37,412 to $ 39,727 is the same area that gained Bitcoin had the momentum needed to rise to its highest levels and pushed it up to $ 40,000 and then nearly $ 60,000.

Therefore, calm buyers can take the opportunity to get the leading cryptocurrency at a low price, especially since a correction for the downside wave towards 45700 can be expected, a correction that will be appropriate to lure more buyers to enter at that point.

If this scenario is achieved, Bitcoin will quickly return to the levels of 51572 before trying to compensate for the past losses and may re-target 60,000 in the medium term.

But if buyers abandon Bitcoin and the panic scenario of a Bitcoin crash realizes, Bitcoin may head to at least 34245 levels before gaining a new upside momentum.

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Bitcoin ... An opportunity to buy or the beginning of the meltdown Bitcoin ... An opportunity to buy or the beginning of the meltdown Reviewed by DR HISHAM M YOUNES on May 19, 2021 Rating: 5

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