These are the days traders have been avoiding as bitcoin prepares for the huge downfall. This bitcoin price movement to the downside has caused a lot of anxiety and a lot of investors are pulling out gradually. A huge junk of withdrawals has been discovered coupled with different bans of exchanges and trading of crypto in different countries.
The big question is, can bitcoin take this big blow that is coming? And can investors survive the new movement?
This is the best time to focus more on altcoins in my belief and probably also to position for few bitcoin price pullbacks along with the downtrend.
Bitcoin price is now restricted at $36,747 and may not go further than this level as the 200 moving average is also serving as resistance.
Last week we expected bitcoin price to break below the major support, $30,921, and then continue downwards as there is a stronghold at this level preventing the price from dropping further. Nevertheless, as this level has got many hits it weakens and it may get broken this week as our MACD shows a strong downward momentum.
It's advisable to convert your BTC to USD now if you are trading short-term and focus on altcoins.


Looking at the technical indicators:

    • Major Support Level – $30,921
    • Major Resistance Level – $36,747

Our Recommended Exchanges for placing Crypto Trades

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If you have any questions, leave them in the comment section below. Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.