The Crypto space and the Stock market continue to remain extremely volatile may be due to external factors. The BTC price which had surged above $45,000 since the beginning of the month, plunged drastically and now displaying a huge possibility of visiting lower support below $35,000 very soon. However, a drastic pullback may also drag the price too as low as $32,000 in the upcoming days. And hence indicating that the current phase may be a pretty good time to short Bitcoin.
As Coinpedia reported earlier that it was not the right time to buy Bitcoin. Mainly because it may fake a flip from the downtrend. And hence, conversely, it may be the right time to short BTC as there are huge possibilities of the asset reaching lower lows shortly. A popular analyst lets out the trading plan for the upcoming week.
#BTC – Plan going into next week
– Price tapped a H1 demand over the weekend. If we can reclaim the swing high, may look at a long into a lower high.
– Looking for shorts if we do get an early week rally
– Looking for swing longs ~32k
Lights out if we lose D3 demand. pic.twitter.com/dW03FkqCXU— CJ (@IrnCrypt) March 6, 2022
Analyst says that the BTC price is tapped into the lower levels in between $38,000 to $40,000 over the weekend. Therefore, if the asset manages to swing from here, then a notable lower high may be expected. Else, a significant downtrend may be continued throughout the week until the price plunges close to $33,000. And here is when one can expect a significant bounce towards $44,000.
As predicted by many, the Bitcoin(BTC) price may yet again slip down after hitting the $44,000 levels, yet attempt hard to sustain above $40,000. However, if in case the asset continues to plunge beyond $33,000, then there may be fewer chances of a rebound. Moreover, the asset may further remain restricted below $35,000 for quite a long time.