April Fools' Day joke went big, Bitcoin plunged, and bulls burst into tears!

On April 1st, April Fool’s Day, the price of Bitcoin played a big joke on the bulls.

Board review

Daily level: After rising yesterday, the price of Bitcoin plunged sharply today, falling below the 10-day moving average and the 20-day moving average. Trading volume also increased significantly, showing the strength of short positions.

4-hour level: The price fell back under pressure after touching the upper track yesterday, and the lower track also showed a tentative break. Both the moving average and the energy indicator are biased towards the short side. A weak recovery may exist in the short term, but the rebound space is limited.

1 hour level: After the price dive, there was no rebound and recovery, but a weak consolidation and adjustment, showing an obvious continuation of the weak trend.

Operational strategy

Adjust your thinking, go short on rebounds, and never operate against the trend.

Pay attention to the upper resistance levels: 10-day moving average, 20-day moving average, and 30-day moving average.

Pay attention to the support levels below: the lower track, the lower Bollinger Band track, and the previous low.

April Fools' Day jokes are often unexpected, and the plunge in Bitcoin prices is no accident.

The recent increase in expectations for the Federal Reserve to raise interest rates has put global risk assets under general pressure, and Bitcoin has not been immune.

From a technical perspective, the price of Bitcoin has fallen below multiple moving averages, and the weak trend may continue in the short term. Investors need to operate with caution and take precautions against risks.

risk warning

The market is changing rapidly. The above analysis is for reference only and does not constitute investment advice. Investment is risky, so be cautious when entering the market.

Finally, I wish everyone a happy April Fool’s Day and good luck with your investment!