The price of Bitcoin is about to close a negative week, quite calm, where the bulls were not able to overcome the important barrier at USD 10,000, returning the price to a strong side of almost 40 days. If you are interested in knowing how to make money with Bitcoin in the current environment, stay to read this post.
Medium-term trend remains intact
To earn money by trading Bitcoin, you need to have a vision from the macro to the micro. For this reason, it is worth knowing the medium-term trend, currently bullish.
Thanks to the price recovery from the low of USD 3,820 reached in March, today we continue to have a positive outlook for the coming weeks, and that would change only if the support at USD 8,700 is crossed.
At the moment, it is still possible that a leak above $ 10,000 may occur soon.
The short-term trend changed. How to make money with Bitcoin in this case?
With the sudden price drop that occurred last Thursday, the bears took temporary control, most likely being able to push the price to $ 8,700 in the next few hours or days. If this support area is reached, it will be of vital importance that the bulls defend it.
We may see sales even as high as $ 8,500, and the medium-term trend still remains bullish. But there needs to be a significant buying force there. Otherwise, sales could increase rapidly.
For a very short-term view, the 4-hour candlestick BTC / USDT chart is ideal.
Currently this time frame shows a bearish succession, supported by fast moving averages crossed to the downside, and a slow moving one as dynamic resistance.
Just as this note is being drafted, a good opportunity is prepared to make money from Bitcoin. Well the short-term downtrend is probably ending a first pullback.
Let’s see below possible strategies to take advantage of the current environment.
Possible strategies to make money with Bitcoin
- Medium term: The weekly chart continues to give us bullish signals for the medium term, so it is still possible to position purchases. Where? If we observe a good presence of buyers in the zone USD 8700-8500, there would be the ideal place.
- Short term: The trend for the next few days is totally bearish, and although it could change rapidly, the odds are currently in favor of a search for the zone of demand around USD 8,700. As I commented, just the price is showing signs of bullish exhaustion, so a bearish momentum could start fairly soon.
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