Bitcoin and altcoins started the week in the red, which is likely to shake out the weak hands and provide opportunities for traders looking to enter at lower levels.
. Meanwhile, Bridgewater Associates founder Ray Dalio does not consider Bitcoin to be “an effective store hold of wealth or a medium of exchange.” He called it “a very, very poor alternative to gold.” This shows that some legacy investors are still uncertain about the future prospects of Bitcoin.
Another possibility is that the price turns down from the current level or the overhead resistance at 4,200 and slips below the 20-day exponential moving average . The index may then drop to the uptrend line of the triangle. If this support gives way, the advantage may turn in favor of the bears.The U.S. dollar index bounced off the strong support at 100.82 on April 13, signaling that the bulls are fiercely defending the level.
The bulls will then make another attempt to propel the price to the stiff overhead resistance at $32,400. This remains the key level to watch for because a break and close above it may open the doors for a potential rally to $40,000.
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