BTCUSDT Traders are wondering whether the recent pullback in Bitcoin and other major cryptocurrencies is a buying opportunity or a sign of a downward trend. While short-term traders may be concerned, long-term investors may view this as an opportunity to add to their portfolio. It's generally advisable to avoid buying during a downturn and instead wait for the price to stabilize before making any purchases.
On April 19, Bitcoin closed below the 20-day EMA (
28,869) for the first time since March 13, indicating weakness. Although buyers attempted to stage a recovery on April 20, they were unable to surpass the 20-day EMA, which suggests that bears are attempting to turn the level into resistance. The BTC/USDT pair may next fall to 
26,500 and then to the neckline of the inverse head and shoulders (H&S) pattern at 
25,250.If the price bounces back from
25,250, it will indicate that the neckline is acting as a higher support level. The bulls will then attempt to push the price back above the 20-day EMA, which could cause the pair to rise to 
32,400.Let me know what you think!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.