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Bitcoin has been seen to be struck inside the .
After seeing a major uptrend in bitcoin price which is driven by organic buyers
and then a dip towards 8400 level where many dip buyers have used this opportunity
to enter a long position. The 8700 level seems to be acting as a strong support line
but a dip towards the 8200 level is still on the table.
coming to my idea
bitcoin price surging above 9000 level has a high possibility a rejection
after testing the 10500 price level which is the top of the triangle and this rejection would lead to a drop to the 8000 level.
keeping in the mind about the upcoming bitcoin halving event a long position till the 10300$ level seems to be a good opportunity
1.Open Long setup till bitcoin halving
Open long position : 8200$-8450$ level
Take profit : 10250$
Stop loss : 7700$
A drop till 7700$ has a very less possibility but is still on the table
My view for a short term trade is (during or after halving)
in my opinion opening a short position seems to be a good opportunity according the technical view
2. Open short position : 10300$-10400$ level
Take profit : 8000$ level
Stop loss : 10700$
Tails are a very common thing when it comes to bitcoin but tails above 10600 is not expected.
this is the setup im using depending on my own ideas and
a drop towards 2400$ is still on the table according to the
which ill post later after the bitcoin halving event.
stay tuned and do follow for weekly trading setup ideas.
it is important to remember that im not a registered financial adviser do follow my idea at your own risk.
every trade has it own risks so do your own research before trading.
be ready to cash from my previous trade idea
wish you luck!