🅱️ Bitcoin Short-Term (BTC 4H) — Up First Or Down?

Q: I want to know if Bitcoin will continue lower or bounce and recover to new highs?

Here we have the 4h timeframe, can be used for short- to mid-term chart analysis. Let's see what it has to say.

A: Bitcoin is moving lower. I shall explain.

The 14-March drop led to MA200 being tested as support.
MA200 as support holds and Bitcoin moves to produce a lower high 8-April and then back down.

Bitcoin hit a low yesterday, 13-April, but this low is still a higher low compared to the drops that occurred on the 5th and 20th of March; the question arises, why so bearish then?

Back in late March, Bitcoin bounced off MA200 4h —it is not the same today.
Today, Bitcoin is trading below MA200 by a wide margin and this is a strong bearish signal and the difference between now and then.

The drop is supported by rising bear volume and related markets reveal clearly that we will experience more red.

👉 Short-term, we get the 58K and 50K.
Still within the month, we will get much lower...

You can check the monthly trade idea for targets, the daily trade idea for updates.

Namaste.

Comment:

We have a small bounce but the chart technicals and bearish bias remains intact.
The chart is pointing toward an immediate bearish continuation; this means that we can see Bitcoin drop within just hours or maximum a few days.

Comment:

Few days later, bearish continuation confirmed.

👉 We are now set to hit our first target at $58,000.

Comment:

First target hit.

👉 We now aim at the second target around 50/52K.