All Bitcoin casino players want to know how Bitcoin is performing as it impacts their bankroll, so we’re keeping a close eye on it, just for you.
Over the past few weeks, Bitcoin has been zooming along nicely, touching just over $10,000 at one point.
Then came in the halving dump that we warned you about, but since then, Bitcoin has been recovering nicely.
As we look forwards into the week, Bitcoin sits precariously on a knife edge, poised to sink down or jump up.
Two Potential Paths
As Bitcoin currently stands, it’s sat around the $9,700 region, but this price isn’t going to stay for long.
Bitcoin keeps testing the EMA 50 support level and closes below the EMA 10, which indicates that there is bullish action in the near future.
Combine this with the bearish divergence displayed by the MACD and RSI and you’ve got the perfect storm for a short opportunity.
The last two times Bitcoin formed this pattern in the past month, Bitcoin retraced downwards with a slow recovery back up to the level.
However, if Bitcoin can break through the resistance level at $10,000, Bitcoin could remain bullish and push higher in the short-term.
If Bitcoin does break through $10,000, then the bearish patterns will need to be reassessed, but we’re fairly confident that without a whale this won’t happen.
How Long Will the Bearishness Last?
The good news is that this is only a short-term trend and the long-term bullishness is still firmly in place.
If you’re looking to cash out some Bitcoin into fiat currency, for example your latest Bitcoin casino winnings, we recommend you hold off for a few days to get the best price possible.
If Bitcoin does drop in the next few days, it will bounce back to the top end of $9,000 within 48 hours, if the charts are to be trusted.
In the wake of the Bitcoin halving event, miners need the price of Bitcoin to start heading upwards, so don’t worry about a flash crash.
If you can hang on to your Bitcoin winnings for a few months, we’re expecting to see Bitcoin soaring through the $12,000 region by the fall.
Can’t Wait? Time it Perfectly
If you can’t wait to cash out any Bitcoin profits you’ve made at the casino, then you’re going to want to time your sell perfectly.
Keep an eye on the charts and as long as Bitcoin is starting to head back up from the lower end of $9,000, then you should be safe.
On the other hand, if you’re looking to load up on more Bitcoin to hit your favorite Bitcoin slots, the perfect buy price could be just a few hours away.
If Bitcoin follows the path we’re expecting from the charts, then we could see it reach between $9,100 and $8,800 in the next dip.
If this happens, you can get your hands on some nice cheap Bitcoin to hit your favorite Bitcoin casinos with!