Bitcoin pulled back for a test of 49000 a previous strong upside resistance. This level should be now established as a long-term support for a continuation higher in a fifth wave to target 100k which is also the top of the Andrews Pitchfork nice uptrend channel. Learn to Trade Crypto profitably.
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The weekly Bitcoin chart reveals a bounce from the expanding wedge support mentioned 49000 level and is going for an important upside resistance test of a 69000 level. At this point, buy positions have more probability of success as the Bitcoin is still within a recent uptrend. Overall support for the upside even if it breaks below 49000 is 40000 and that is also a final long-term support for a bullish trend invalidation. Following the price action we need to see a break above 61800 for a test of 69000.
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As the famous trader says…
“Losers average losers.”
Paul Tudor Jones
How to trade this?
It is a fact that a strong upside resistance for Q3 2024 is 69000 and If we get a confirmed break above this level we could see a strong upside continuation for 100k high in a fifth long-term upside Elliott Wave. Near-term, long-trade entries have a higher probability of success. Long trade entries can be placed here with a stop loss below 52000. The short-trade entry can be tried in the case of a break below 48000. For inquiries about account management please write to [email protected].
