Although Bitcoin took a dramatic pullback from the $34,770 level down to around the $28,000, it seems to have found support on an old resistance line which is incredibly bullish
The only thing we need to pay attention to is breaking the previous high, ($34,770)
If the previous high is broken, the first target will be around the $36,500
If we continue to remain bullish, we could be seeing prices between the $50,000 to $100,000 within the next 12 months.
These areas on the bitcoin charts are unknown territory. So we must remain cautious when opening any trades..
The bearish side would be if we break below the $30,000 mark, things might start to turn for the worst.
My first bearish target would be around the $25,800 price mark purely because that is where a small amount of volume has been built up in the last few days.
If that breaks however, we could see retracements down to as far as $20,000, with a possible stop around $23,000 before it continues on down
The only thing we need to pay attention to is breaking the previous high, ($34,770)
If the previous high is broken, the first target will be around the $36,500
If we continue to remain bullish, we could be seeing prices between the $50,000 to $100,000 within the next 12 months.
These areas on the bitcoin charts are unknown territory. So we must remain cautious when opening any trades..
The bearish side would be if we break below the $30,000 mark, things might start to turn for the worst.
My first bearish target would be around the $25,800 price mark purely because that is where a small amount of volume has been built up in the last few days.
If that breaks however, we could see retracements down to as far as $20,000, with a possible stop around $23,000 before it continues on down