Cryptocurrency Trading Update! :)

Yesterday, in my post https://steemit.com/bitcoin/@nickh725/expect-to-see-further-sell-off-in-btc-and-the-broader-market, I laid out my trading strategies. At the time of the post Bitcoin was trading at $9211, and I warned that there could be another leg lower. My target was $8,000, because that is a long term support level, and if Bitcoin fell to that level it would be oversold on the Daily RSI. Last night Bitcoin fell all the way down to $8,000.

The second part of the post pointed to the buying opportunity that a move to $8,000 would represent! Since Bitcoin hit that $8,000 mark, the price rallied all the way up to $9,200. If you had purchased BTC at the $8,000, you would have made 15% profit in just 5 hours!

Since then, BTC has formed a double bottom, and has started to consolidate. If the price is able to create a base of support, and form a new high above $9,200, this could be a fantastic buying opportunity. I am expecting this to be the start of a leg higher.

Although I am bullish now on Bitcoin, the lack of follow through on the move higher is still a bit concerning. There needs to be a strong pickup in buying volume for the next leg higher to form. If Bitcoin is able to break the consolidation pattern higher, then I expect a move up to $10,000! I am about 75% confident in this trade at these levels.

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Above is the possible price action in Bitcoin for the next day. If I am right, you could stand to make over a 10% profit in the next 24 hours just by holding bitcoin!

Thanks for reading! :)