JBIzzle104

Bitcoin Bullish Sentiment: Buy Zones and Take Profit Level.

Long
BITSTAMP:BTCUSD   Bitcoin

tldr; Super Bull: Buy the dip between $29,000-$32,000 and look to take profit at $40,000 - $43,000
Less Bullish: If price breaks through $29,000-$32,000 expect to buy around $24,000

Many are beginning to notice Bitcoin's prolonged uptrend for the better part of a year. I have done some Technical Analysis to identify key Buy Zones and Take Profit Levels. Firstly, if you draw a fib extension from lowest low over the past year (Point A) to the most recent high (Point B), a confluence between historical support/resistance zones and key fibonacci levels reveals a modest buy zone between $31,000 and $29,000 (Point C). If price breaks through this key area, expect a drop to the 0.618 Fib Level around $24,000. But, taking into consideration the strength of the current trend and the bullish sentiment , I highly doubt a pullback of such extremes will occur. If we draw a trend based fib extension from point A to point B to Point C, we can identify some key take profit areas which are highlighted in the picture with the upper two green boxes.

Be safe and trade responsibly.

My first time posting an analysis so if anyone has suggestions on the formatting of these, I would be glad to hear.
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