Bitcoin peaked at 5000 and immediately fell 20% in a few days to around 4000, where it has bounced nicely.
Overall, I think it will take some time to break the big 5000, but until then I have predicted a range bound trade between 4000 - 5000.
Playing the range means buying around 4000 (or more aggressive around 4500) and selling around 5000
On the 60 minute chart here, we see that 4500 plays an important role as the midpoint line between 4000 and 5000. When price is above 4500 then we can be long until around 5000 and take profits there.
Entry on the 60minute: above 4600
Stop: Below neck line, 4590
Target: 4900 / 5000 area
!! PM me with any trading questions !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, .
Successful trading means proper risk sizing and trading small so you can stay in the game.
Sign up to TradingView charts:
Sign up for TastyWorks - The Best and Safest Broker