Bitcoin: remain cautious

19 de abr. de 2021

I see so many bulls on social media already. We have a massive drop to 51K, followed by one small retracement candle on the daily and immediately people start thinking we head for new highs. Experience tells me that such small retracements are best responded to with the proverb 'one swallow doesn't make a girlfriend'. (or was it 'summer'?). Anyway, we are now staring at a 4H chart which is turning bearish again and it'll be interesting to see whether we can set a higher low or not. Let's not forget that all indicators on the 1D and even on the 1W are bearish or very close to turning bearish. Risk management maycost you a couple of bucks on the way up, but it will save your life on the way down. Don't get rekt and lock in profits when you can. (edit: changed 1H into 4H)