This has been quite the exciting week for Bitcoin. We've had some fair drops and also bounces that have surprised me. Right now it looks like we are forming a bull flag, as there is a beautiful ascending channel on top of this recent climb. The 1D chart shows some beautiful bullish indicator readings, while the 4h looks like we can have a bit of a drop before going bullish again. That being said, I think we will retest the support on this ascending channel, being a good opportunity to accumulate again before a new moon mission. I can see the price dropping to as low as $7.6k, however, there is a possibility we break support. If that is the case, I would set a stop loss around $7.45k. As for targets, I am setting two targets of $8.125k and $9.095k. Bollinger bands are showing that the price is becoming very volatile, more than we have seen over the past few days. Is this time for Bitcoin to make a move? Time will tell. I'm just really looking forward to the long-awaited golden cross on the 1D chart. I will possibly be opening both a long and a short around $7,600 with tight stop losses so that regardless of the direction I will make a decent amount of profit as I can tell some major movement (up or down) is coming. So, here are my plays:
Entry for both: $7,600-7,700
Short Positions (for safety):
Stop Loss - $7,780
Targets - $7,530, $7,036
Long Positions (more likely):
Stop Loss - $7,523
Targets - $8,125, $9,099
I enjoy entering two positions with close stop losses in a time of major volatility, as the stop loss for both of them will outweigh the possible gains that can be made in either direction. Although this does reduce the amount of profit I can make, I enjoy making safe and steady gains over time than a huge load in one shot while risking a lot of money (I've been making big trades recently). As always: trade safe, set stop losses, love cryptocurrency, and stay tuned!
As always if you enjoyed this analysis please feel free to throw a like on the chart!
Entry for both: $7,600-7,700
Short Positions (for safety):
Stop Loss - $7,780
Targets - $7,530, $7,036
Long Positions (more likely):
Stop Loss - $7,523
Targets - $8,125, $9,099
I enjoy entering two positions with close stop losses in a time of major volatility, as the stop loss for both of them will outweigh the possible gains that can be made in either direction. Although this does reduce the amount of profit I can make, I enjoy making safe and steady gains over time than a huge load in one shot while risking a lot of money (I've been making big trades recently). As always: trade safe, set stop losses, love cryptocurrency, and stay tuned!
As always if you enjoyed this analysis please feel free to throw a like on the chart!
Trade active:
Entries for the long have been filled with a perfect bounce. Let's ride this out and see how much profit we can make, next stop $8.125k! Excited to see some bitcoin movement over the next few days.
Comment:
First target has been hit, I am taking 40% profit and holding the other 60% for $9,100.