ForgeTrades

Bitcoin short term projections

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin has just broken above and successfully retested the 4H 100EMA. If the last few candles were stronger it would have given us more confidence that the price will resume its upward trend, but for now we need to watch carefully and see.

As long as the price stays above the 100EMA we are comfortable and we can target $54,000. Once that level is hit we will need to review to determine the strength of the move.

If price falls through the 100EMA and it can’t hold above, expect a quick drop to the 200EMA. If this happens a dip to $42,000 is not out of the question as overleveraged longs are liquidated.

Your risk, your reward. This is not financial advice.
Happy trading.

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