The above monthly chart for BTC/USD tells a completely different story. If the price of Bitcoin (BTC) falls and closes below the 21 Month EMA, it is going to completely invalidate any bullish case. If that happens, we will see the price enter another correction in the months ahead. Interestingly enough, the 21 Month EMA coincides with Bitcoin (BTC)’s long term trend line. So, to most Bitcoin (BTC) bulls it is unlikely for this level to be broken in the first place. However, even if it does get broken, entering a short position is going to be extremely risky and the best strategy would be to wait for a trend reversal.
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