Bitcoin breaks $50,000 and now trading at $51,866(now) after making a new high of $52,600. Here is a quick update on Bitcoin. The short-term supports are shown on the chart and we may see a bounce from these levels. The first support is $50,500 and most probably we see a retest of this zone before going up. If unable to hold this level we see a test of $48,100-$49,600 zone. The last major support is $46,200 and as long as bitcoin trading above it, the bull run continues.
Bitcoin has not seen any correction on the weekly or monthly chart and we expect it will take more time. The correction will come when the institutions start booking profits and ready to buy at a lower price. Use stop loss in all your trades and enjoy the bull market.
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