stewdamus

The Week Ahead for Bitcoin - Battle for $48k

Long
stewdamus Updated   
INDEX:BTCUSD   Bitcoin
Let’s make this as simple as possible for Bitcoin. It’s really this - Bitcoin must beat 48k to continue the bullish trend and confirm that larger cup and handle pattern is in play which will take us to 80k.

If we don’t beat 48k soon, then I expect another small pullback. However, it may not be as deep of a pullback as other analysts expect. According to my chart technicals, most indicators are still hyper-bullish. Therefore, I’d say we may only pullback to 42k at most.

If we do beat 48k, that’s our signal that the bullish trend will continue. We have to be quick about entries if we want to play the continuation. Normally, my rule is to wait for at least one confirmation candle on the daily. Because of the bullishness of price right now, I’d make an exception to this rule. If we don’t make this exception, we could miss out on big price movement. It’s up to you how you want to play entries at this point and, as always, it’s based on your own personal risk tolerance. If you are a more aggressive trader, I’d suggest jumping down to the 4hr chart and looking for confirmation there.
Comment:
I entered a large long position at 45k, took half off for profit at 48k and have now raised my stops to 48k and am well in the profit here. Bitcoin is currently at or near 52k. I expect we could run as high at 56k before any sort of pullback. Keep in mind the pullbacks will be short-lived and shallow unless, of course, any sort of geo-political situation interferes with current sentiment.

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