YESTERDAY I WROTE THE FOLLOWING
What's going to happen with Bitcoin next? At this moment based on what's happened the last few hours it's kind of hard to tell. I would watch the resistance levels that are drawn on my previous charts. We blew right through 7400 which I mentioned in another article I wrote this morning before this explosion. Bitcoin touched the area of $8000. I would say there's certainly room for short-term pullback but you need to keep your eyes open for 11,600 as the next upside target. If you were already in Bitcoin this morning when it took off congratulations. For you, I would either take my short term profits or set a stop loss to protect my profits to this point on the day.
Keep a sharp eye on the price range of 7596 two 7804 either for a reversal or a breakthrough. Keep your eye on the Fibonacci Levels as well for resistance support, Fibs often come into play despite historical support/resistance levels. If we get a breakthrough to the upside watch the 8426 price level, and should we get through that I would look for us to reach 11,600.
THIS MORNING
Well, we blew right through the resistance at 7804 so now we need to focus on 8426 as a possible reversal zone/profit taking area. Watch the RSI and Stochastic RSI currently going overbought on the 4hr chart, and The MACD which is a slower indicator which is high but seems to indicate we have a little room to run yet.
If Bitcoin closes over 8426 then 11,600 is in play. My estimation is the 11,600 is a major resistance area and a point of high physiological anxiety for traders. I would definitely take profits here. 11,600 has been tested several times since the first of the year and failed each time. It will take major momentum to break this resistance.
This action obviously applies to holders of altcoins as well to be alert to BTC prices and take your altcoin profits if you are swing trading a portion of your portfolio in alts.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
What's going to happen with Bitcoin next? At this moment based on what's happened the last few hours it's kind of hard to tell. I would watch the resistance levels that are drawn on my previous charts. We blew right through 7400 which I mentioned in another article I wrote this morning before this explosion. Bitcoin touched the area of $8000. I would say there's certainly room for short-term pullback but you need to keep your eyes open for 11,600 as the next upside target. If you were already in Bitcoin this morning when it took off congratulations. For you, I would either take my short term profits or set a stop loss to protect my profits to this point on the day.
Keep a sharp eye on the price range of 7596 two 7804 either for a reversal or a breakthrough. Keep your eye on the Fibonacci Levels as well for resistance support, Fibs often come into play despite historical support/resistance levels. If we get a breakthrough to the upside watch the 8426 price level, and should we get through that I would look for us to reach 11,600.
THIS MORNING
Well, we blew right through the resistance at 7804 so now we need to focus on 8426 as a possible reversal zone/profit taking area. Watch the RSI and Stochastic RSI currently going overbought on the 4hr chart, and The MACD which is a slower indicator which is high but seems to indicate we have a little room to run yet.
If Bitcoin closes over 8426 then 11,600 is in play. My estimation is the 11,600 is a major resistance area and a point of high physiological anxiety for traders. I would definitely take profits here. 11,600 has been tested several times since the first of the year and failed each time. It will take major momentum to break this resistance.
This action obviously applies to holders of altcoins as well to be alert to BTC prices and take your altcoin profits if you are swing trading a portion of your portfolio in alts.
Please, Don't forget to Like Agree, Comment and Follow Me, It's additional encouragement for me to share my work.
All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.
Wishing you success,
Isaac
