CountOnCrypto - Bitcoin Forecast - 01/05/2022

Here is a Bitcoin long from the bottom of the range and weekly nPoc, the price target is the daily level at 43.4k but I'm going to take profit slightly before we reach this target in the coming week.

There is currently a lot of fear in the market, according to CVD the majority of that is Perpetual shorts, the majority of Spot bitcoin is holding right now which suggests to me a sentiment change will not only cause a lot of Fomo but rapidly pump the price towards the top of the range.

The risk to reward for this trade is 1:8 which is a very good setup and I'm excited for the opportunity it has given me. Thank you for reading my idea, good luck in your trading and remember to always follow risk management and do your own research.