Here's our plan in Bitcoin (BTC): We think it is ok to have a small long position. On a burst above 8560-8600, we would be more aggressive. 8562 is the critical level. 8562 is the 50% retracement of the recent rally. Support below the market is near the 62% retracement near 7400.
Bottom Line: Bitcoin (BTC) would be a juicy buy at 7400, but we honestly don't think Bitcoin (BTC) will get down there. Historically, when Bitcoin (BTC) trades in quiet ranges, a big move is coming.
Bottom Line: Bitcoin (BTC) would be a juicy buy at 7400, but we honestly don't think Bitcoin (BTC) will get down there. Historically, when Bitcoin (BTC) trades in quiet ranges, a big move is coming.
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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.