Daily Report – Bitcoin and Market Update (April 07 2021)
Middaily sessions have been forming local downtrend in a low-momentum steady decline. Based on the BPRO volatility bands, we could anticipate retest of low range band at 54k. Optionally, this could be followed by further decline down to BVWAP support at 50.3-51k zone as given in my previous reports, webinars, and video reports. As of now, BTCUSD remains on the sell trend indication from BPRO, which is exactly why Im waiting with 800k+ usdt to buy in heavy when the bullish trend change indication arrives. I’ll just market buy then as I trust BPRO with all my money.
Note that current BPRO bands are going sideways in a form of a horizontal channel. The movement is clearly lacking momentum, which sustains the risk of distribution going on. Remember that I warned you days if not weeks ago that people would start pulling up Wyckoff distribution schemes and charts. It’s already happening and discussions are live on that, but apparently its not as intense as needed for the market to reverse as of now. As long as BTCUSD stays below the baseline and Breaker High 58715, local bitcoin condition is bearish. Medium-term view is neutral as for any other low momentum or sideways movement. Long-term is upwards.
Onchain analysis suggests there’s no major threat so far coming from collapse of Active Addresses crash or NUPL risk over 0.75 ratio for the unrealized mcap. Until those appear combined, bull market is safe. Also, April and May historically were about altcoins springing left and right while btc chilled. That may repeat to some extent this time as well. Keep your eyes open for alts for the following weeks as the BTC dominance index declines.
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