I briefly wanted to show you in this chart that support from February has now intersected with the down trend that started in May.
There is no telling which way it will go from here. On one hand we have strong support that has already held twice, on the other hand triple bottoms rarely hold. We also have a strong relentless down trend that have beaten the bulls down to this defining moment; the momentum is on the side of the bears.
If you wanted to invest in Bitcoin long term, I would suggest doing it here if you can afford a stop around $6389. The closer you can buy to this number, the better.
If you want to short Bitcoin, I believe a good entry would be ~6,900. Be mindful that there is strong support at 6,400, 6,000, 5,600, and 4,900. All areas where we have seen strong reversals from.
There is no telling which way it will go from here. On one hand we have strong support that has already held twice, on the other hand triple bottoms rarely hold. We also have a strong relentless down trend that have beaten the bulls down to this defining moment; the momentum is on the side of the bears.
If you wanted to invest in Bitcoin long term, I would suggest doing it here if you can afford a stop around $6389. The closer you can buy to this number, the better.
If you want to short Bitcoin, I believe a good entry would be ~6,900. Be mindful that there is strong support at 6,400, 6,000, 5,600, and 4,900. All areas where we have seen strong reversals from.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.