Bitcoin always breaks out the support level.
On March 25th, 2021, Bitcoin dropped down to 50k which is more than 10%. Since Elon Musk appears in Crypto Univers, his appearance affects the Cryptos Assets especially the mother of the crypto BITCOIN.
On March 24th, 2021 Elon Musk
tweeted that "Telsa Customers can buy #TELSA
with Bitcoin". This announcement bows the buyer's head down. However, this crash as well allows the BUYERS to buy the dip.
When I draw the #Fibonacci level from Low 42.8k to High 61.8k, Bitcoin tenacity chases above the 50k which is Fibo Minor Level 61 or 50,000 Support level. I am bullish up to 54.4k. #Bitcoin touched the #OVERSOLD zone on Stochastic Oscillator RSI 14.
The question comes to mind, is it really a correction or the beginning of the bearish?
In fact, the Bitcoin Long( the Buyers) want it to be a correction, and the Bitcoin short(Sellers) want it to be the beginning of the bearish trend. Whatever happened over the crypto market, the Crypto Enthusiasts keep holding #BTC instead of FIAT bondage for a long time.
Timeframe: 4h
Trendline: Blue support levels breakout, Black one( Bearish resistance and support level).
What is coming to your mind about the crypto Bitcoin drop?
