Bitcoin can bounce from 7500$ Keylevel or Fake Breakout of 7800$
I think the possibility is high that Bitcoin will bounce from the 7500$ Keylevel and from the 30-20 RSI Level.
We have a very strong Support at 7500$ and the possibilty is high that Bitcoin will form a second and a third mountain, so that we have a 3 Mountain formation.
Also the weekly 50MA should acts as an strong support.
It is also possible that the Breakout of the very strong Support 7800$ was just a fake breakout which would also be an very bullish sign.
However we also need to talk about what happens if Bitcoin breaks the 7500$. In this case this would be a very strong bearish sign and Targets from 7000$ - 5000$ would be possible.
So my recommendation is to wait for a bullish confirmation signal and than open an long.
A good Bullish confirmation Signal would be a daily bullish candlestick pattern (Bullish hammer, Engulfing, etc.) or the break of the 7800$ resistance.
Open Long at: 7900$ | Stop Loss(7350$)
Open Short at: 7300$ | Stop Loss(7650$)
Long Targets:
Lowest possible Target: 8500$
Realistic possible Target: 9400$ - 10200$
Highest possible Target: 12300$
Short Targets: 7000$ - 5000$
These are just my thoughts, the information provided is not a financial advice.
We have a very strong Support at 7500$ and the possibilty is high that Bitcoin will form a second and a third mountain, so that we have a 3 Mountain formation.
Also the weekly 50MA should acts as an strong support.
It is also possible that the Breakout of the very strong Support 7800$ was just a fake breakout which would also be an very bullish sign.
However we also need to talk about what happens if Bitcoin breaks the 7500$. In this case this would be a very strong bearish sign and Targets from 7000$ - 5000$ would be possible.
So my recommendation is to wait for a bullish confirmation signal and than open an long.
A good Bullish confirmation Signal would be a daily bullish candlestick pattern (Bullish hammer, Engulfing, etc.) or the break of the 7800$ resistance.
Open Long at: 7900$ | Stop Loss(7350$)
Open Short at: 7300$ | Stop Loss(7650$)
Long Targets:
Lowest possible Target: 8500$
Realistic possible Target: 9400$ - 10200$
Highest possible Target: 12300$
Short Targets: 7000$ - 5000$
These are just my thoughts, the information provided is not a financial advice.
Comment:
The People’s Bank of China’s Shanghai headquarters said it would tackle growing cases of illegality involving virtual currencies. It also cautioned investors not to confuse crypto with blockchain technology, the digital ledger that underpins many cryptocurrencies such as bitcoin.
