Analyst suggests swing trading Bitcoin is the best move as BTC price dips below $40K

2022.04.22 04:25

Analyst suggests swing trading Bitcoin is the best move as BTC price dips below $40K

Bitcoin (BTC) price flashed bullish for a brief moment, possibly tricking some traders into opening longs, before plunging back below $40,000 in evening trading hours. Let’s take a quick look at what traders think about the current price action and whether or not today’s brief break out was nothing more than test of overhead resistance.

Analysis of Bitcoin’s weekly price action was discussed by crypto trader and pseudonymous Twitter (NYSE:TWTR) user ‘Rekt Capital’, who posted the following weekly chart noting that “Bitcoin is now hovering below the green 21-week and blue 50-week bull market exponential moving averages (EMA).”

Source