Bitcoin reached a new top of 73200 and sharply reversed lower during the last month. We are seeing now a pullback correction which possibly will not end at 55000 and we could see a test of 50000. A confirmed break above 65000 is now required for a retest of the recent high and a possible continuation higher. Learn to Trade crypto profitably.
How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 73200 and If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a slightly higher probability of success. Long trade entries are possible only on a confirmed price-action break above 70000. You can try a short trade here with a stop loss above 68000. The short-trade entry has a good Risk to reward. For inquiries about account management please write to [email protected].
The Weekly Bitcoin chart reveals a sharp bounce which is on the hold from mentioned 65000. As the long-term charts imply, at this point look for the short trade entries or sell positions as they have a higher probability of success. We will need to see a big break above 65000 to see an extension higher, an invalidation of the complete downside reversal, and the beginning of the fifth long-term wave higher. I am inclined to see another leg down to 54000.
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How to trade this?
It is a fact that a strong upside resistance for Q2 2024 is 73200 and If we get a confirmed break here we could see a strong upside continuation and new highs. Near-term, short-trade entries have a slightly higher probability of success. Long trade entries are possible only on a confirmed price-action break above 70000. You can try a short trade here with a stop loss above 68000. The short-trade entry has a good Risk to reward. For inquiries about account management please write to [email protected].