Bitcoin in Consolidation. Where Next?
So Bitcoin invalidated my last idea! (My my first one ever) and it seems to be consolidating between $59,380 and $57,698!
If we have a breakout from this area I don't expect a higher ATH. We could potentially reach between 61k to 63k. If ever we retrace lower, My first target is $56,580 area. We could bounce off from this area (I think the 4H RSI seems to make this the more likely scenario). However, If we go lower, the next support is around $54,284. Below that would be a bit bearish for me. However, if we bounce back from the
54K area I expect a higher ATH at 68k - 74k.
For now, I would not enter the market, either long or short.
Just my opinion. Still in the learning process. Feel free to disagree/ correct me.
And Always PLAN before you enter a trade. Don't enter coz of FOMO! Do your own research and plan your strategy. Set your Stop Loss and Remember, There is always another Trade.
If we have a breakout from this area I don't expect a higher ATH. We could potentially reach between 61k to 63k. If ever we retrace lower, My first target is $56,580 area. We could bounce off from this area (I think the 4H RSI seems to make this the more likely scenario). However, If we go lower, the next support is around $54,284. Below that would be a bit bearish for me. However, if we bounce back from the
54K area I expect a higher ATH at 68k - 74k.For now, I would not enter the market, either long or short.
Just my opinion. Still in the learning process. Feel free to disagree/ correct me.
And Always PLAN before you enter a trade. Don't enter coz of FOMO! Do your own research and plan your strategy. Set your Stop Loss and Remember, There is always another Trade.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.