Bitcoin (BTC/USD)
Bitcoin has just broken its previous ATH and looks set to challenge the elusive $5,000 mark.
But the million dollar question is should we buy now or wait?
If you choose to be more strategic about your entry, here are my 4 BTC targets:
(Note a breakout entry can be at $4,645 targeting $5,000 area after a break upwards from the current pennant)
Our first target for buying Bitcoin is $4,448 - $4,497
This is because that area was our previous breakout level, and price tends to retest the breakout zone before it makes its full move higher. So expect to see a bounce inside the blue box back up.Our second target is $3,935
If the breakout above $4,500 falls through, expect the $3,900s to get a good testing again. This was the main consolidation area prior to the breakout and we want price to bounce off this to keep the bulls happyOur third target is $3,280 - $3,440
This is most likely the weakest price level of all levels in the blog. If price gets this low it will probably go and test our fourth target.Our fourth target is $2,830 - $2,910
This is the biggest support level in the blog. It is highly unlikely that this area will not hold unless Bitcoin undergoes a negative fundamental shift. I would load up here and below if given the opportunity.
Though you cannot predict where BTC will go, if you create tradings plans like this you are able to take advantage of the opportunities the markets present to you.
Plot these levels onto your charts and Happy Trading
Summary
BTC/USD
Support 1: $4,448 - $4,497
Support 2: $3,935
Support 3: $3,280 - $3,440
Support 4: $2,830 - $2,910
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