michaelrex

With markets taking a break from the US and China going off on each other for 5 days straight, investors are bracing for a potentially turbulent week ahead.Cryptocurrencies seem to have recovered a large chunk of their losses from the first week of April, but how long can we expect this upward reversal to last?Well, if we're being realistic, not long. If you take a look at the price charts of most cryptocurrencies, you'll notice a common theme: we're in a mid- to long-term downtrend.If you've been trading cryptocurrencies (or any other type of security) for a while, you're probably familiar with the saying that goes “The trend is your friend”. With that in mind, if you're looking to hold any short-term crypto trades, shorts might offer better, less-risky opportunities. Now's not the time to panic and FOMO into the market. Big players are still looking to shake weak hands out of the market. My advice: Observe market fluctuations through the first days of the week before committing your money to any trade.

About a week ago, I posted that the recent uptick in BTC (and the broader crypto market) was as a result of Bears taking profits and that the market will dip lower once this correction runs its duration. Well, so far, my prediction is still on track and we can expect prices to climb higher over the next few days (maybe even a week from when this is published).I believe that that mini rally (black path) within the larger uptrend (green path) has enough juice for one more leg before it pulls back. Once that happens, price might stall around that area and then push higher, setting the stage for the final leg of the larger upswing.I personally don't like trading matket correction unless they're on the weekly or monthly chart. However, I will keep monitoring price until my prediction plays out. What are your predictions for Bitcoin's short term price? Let me know in the comments section below.Make sure you follow me to get future updates as they unfold.

Earlier today, I took some time to scroll through Reddit and Twitter, where I saw discussions suggesting that the recent pullback in crypto is the first leg of the highly anticipated bull run.While I largely agree that the bull run is far from over, a broader look at price movements across multiple markets indicates that the bear market isn’t over yet.To prove this point, I will be analysing Bitcoin's price charts. On Bitcoin's daily chart, it's clear that the current price movement is more of a correction than a reversal. Zoom in to the 4-hour chart and and you can see how the pullback moves in an ascending triangle. Over the next few days we might see price break below the channel and head for the area around point 'B'.This will serve as the pullback for this short swing, where bulls will temporarily drive prices slightly above the most recent high before a sharp decline leads to the formation of a new low.