CRYPTONAIRE WEEKLY MAGAZINE 176TH EDITION IS OUT NOW
The #1 CRYPTO TRADING MAGAZINE
WEEKLY TOP TRADES, TOP PROJECTS AND MARKET UPDATES
Bitcoin has risen for six straight months since October 2020, equalling the previous record created in 2013. This bullish move
in 2013 was followed by a 700% rally in the following six months. If history repeats itself, Bitcoin bulls could be for a cheer in
the next two quarters.
The second quarter has traditionally been the strongest of the year with Bitcoin closing in the negative only twice, and both
times the decline was less than 10%. After 2013, the best returns in Q2 was seen in 2019 when Bitcoin jumped 159%. Historical
data shows that Bitcoin is on a strong wicket. However, traders should be careful because history doesn’t need to repeat itself.
Crypto markets can easily surprise the bulls and take a plunge.
OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE MAJOR BENEFITS OF THE QOINSUIT PLATFORM THAT TRADERS AND INVESTORS WILL ENJOY & STATERA ECOSYSTEM – THE FUTURE OF GLOBAL FINANCE
Bitcoin broke above the downtrend line on March 29, but the bulls could not push the price above the all-time
high at £44,238. This suggests the bears are defending this level aggressively. However, a positive sign is that
the bulls have not allowed the price to dip back below the 20-day EMA. This suggests the bulls are buying on
every minor dip.
This tight range trading is unlikely to continue for long. We should soon see a sharp move that could start the
next trend. If the bulls can drive the price above the all-time high and sustain the breakout for two days, it will
signal the start of the next leg of the uptrend. The next target objective on the upside is £50,000.
Contrary to this assumption, if the bears sink the price below the 20-day EMA, the BTC/GBP pair could retest
the critical support at the 50-day SMA. This is an important support to watch out for because if it cracks, the pair
could drop to £36,777. Such a move will suggest that the bullish momentum has weakened.
Traders may buy on a breakout and close above £44,238. The stop-loss for this trade could be kept below the
20-day EMA initially and can be trailed higher as the price moves northwards.
Contrary to this assumption, long positions may be avoided if the price breaks
below the 20-day EMA.
The chart setup looks like the price may remain range-bound with a negative bias. Hence, we are not recommending any fresh long positions at the current levels.
Featuring in this weeks Edition:
Bitcoin And Crypto Market Smashes Through $2 Trillion As The Price Of Ethereum, Binance Coin, Litecoin And Ripple’s XRP Suddenly Soar
Grayscale Wants to Turn Its Bitcoin Trust into an ETF
Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
Bitcoin’s Lightning Network Now Has 10K Active Nodes and $69M in Locked Value