Is the Bitcoin rise over?20.04.2023

As I mentioned in my previous article, Bitcoin has broken the minor ascending trend support, and with this break, Bitcoin has started to seek support. Now, the breaking of this support should not raise questions like, “Is the rise over?” or “Are we entering a bear market?” because the selling volumes are quite normal, and when looking at the big picture, I cannot see a bearish structure. It is normal for liquidity clearing to occur when the market’s expectation predominantly shifts towards an upward or opposite direction.

With the breaking of the support, I stopped my long positions, but I didn’t make any adjustments on the spot side. The price level that I feel comfortable with for taking a new, lower-risk position is $26,500. Alternatively, I can follow the weekly close on Sunday night, and if these declines remain as a wick on a weekly basis and re-enter the train structure, I can consider this a shakeout and start looking for long positions in altcoins again.

In summary, the short-term ascending trend has been broken, but a pessimistic price structure has not yet formed. Since it is uncertain whether this is a shakeout or a structure that will accelerate the decline, it is best to assume an observer’s position during such periods, avoiding unnecessary risks for a while, and wait for more solid structures to form before re-entering the market. This approach will be healthier in the long run.

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