Bitcoin has been in another fight this week, attempting to set new relative highs. There has been a lot of selling pressure we have seen a few days, such as today with a few large sell orders on massive exchanges, and then similar experiences on the 10th/11th and 15th/16th. That being said, Bitcoin is proving strong as ever this past month and has been creating higher lows. Right now we are facing some heavy resistance around $5375-$5,400. If we break above that level, I can see us going to about $5,700 range before correcting a bit. Otherwise, I would be a bit cautious and set some stop losses below support for a potential correction coming. $5,200 is honestly a good spot to put a stop loss if you are trading Bitcoin on the short term, otherwise, I would hold on for the long run as Bitcoin is finally showing some great movement!
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Looks like we have launched towards the moon, nearly hitting my targets. Personally, if you are in this for short term trades (leverage/day trading), this is a good point to take some profit. Happy to say this analysis turned out very well. This shows how strong Bitcoin is right now, despite facing a lot of selling pressure.
TO THE MOON
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