Bitcoin Trading Uncharted Territory, Forecast
Updated
Greetings crypto friends! Bitcoin/USD is being interesting, as it is now trading at uncharted prices- again!
If we observe, there are no price resistances, so we will plot Fibonacci retracements.
I plotted the Fib from wave one to wave 2. If we look at the diagram above, the resistances we will watch for are at the 39.5 k area and the 37.7 k area.
Support is on the 37 k area and a strong 34k area.
Based on that, we can see a rally to 39.5 k area, and after that, a retracement to 34 k. Then, the price will go beyond 40 k.
On top of that, as long as Supertrend(Indicator) holds, and the volume is consistent, we can see a good trend in the daily timeframe.
So, based on this, what should we do in the short-term?
Well, I recommend we should long Bitcoin. There are still no signs of price slowing down and reversing.
Meanwhile, let's enjoy the crypto craze as we go :D
Cheers, profits!
Make sure to follow me, Trader_ph, for more forecasts on all subjects of trading.
If we observe, there are no price resistances, so we will plot Fibonacci retracements.
I plotted the Fib from wave one to wave 2. If we look at the diagram above, the resistances we will watch for are at the 39.5 k area and the 37.7 k area.
Support is on the 37 k area and a strong 34k area.
Based on that, we can see a rally to 39.5 k area, and after that, a retracement to 34 k. Then, the price will go beyond 40 k.
On top of that, as long as Supertrend(Indicator) holds, and the volume is consistent, we can see a good trend in the daily timeframe.
So, based on this, what should we do in the short-term?
Well, I recommend we should long Bitcoin. There are still no signs of price slowing down and reversing.
Meanwhile, let's enjoy the crypto craze as we go :D
Cheers, profits!
Make sure to follow me, Trader_ph, for more forecasts on all subjects of trading.
Note
36k support is REALLY strong! Lets go!Note
We already are at 37.5 K lets go!
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