According to the monthly chart of bitcoin it is clearly showing that the price of bitcoin is trying to go to the $ 5,000 level. there is a fresh demand area which i have marked at the start of green zone. positional trader or short term investor can start buying bitcoin at $ 5,000 level & keep a stop loss of below $ 2,900 level. if Bitcoin is reversing from this buying zone then traders can book profit at $ 10,000 level as there it can face resistence. this trade has Reward to risk of more than 2:1. there are some chances that a up trend can start from $ 5,000 level as it is the major support for bitcoin in monthly chart. & bitcoin will be down by 75% from its ATH that will make bitcoin in oversold condition & more fresh buying can come. also if bitcoin is going below $5,000 then it will become expensive for miners to mine bitcoin. this level of $ 5,000 will be key for bitcoin.
