Bitcoin Price Analysis

in #crypto7 years ago

BTC/USD
Traders who went long at lower levels on our recommendations have been booking profits near resistances. We are left with about 30 - 35 percent of our original position, which we had planned to book at $5000. Should we book out close to the highs, or wait for higher levels?

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Yesterday, the cryptocurrency reached a high of $4932.9, very close to our target levels. However, selling at the highs has pushed Bitcoin back below the $4800 levels. As the digital currency is trading above $4680, chances are that it will again attempt to breakout to new highs soon.

If the bulls are successful in sustaining above $5000, the cryptocurrency is likely to gain momentum, and it will indicate the start of a new uptrend. Therefore, we recommend holding the existing position with a stop loss of $4500.

We don’t want to keep a deeper stop loss because, usually, when bulls fail to breakout of a strong overhead resistance, bears sell aggressively, sending prices lower. So, if the bulls fail to breakout and sustain above $5000, we can expect the bears to push the cryptocurrency down to at least $4184.6 levels, which is the 38.2 percent Fibonacci retracement level of the pullback from $2974 to $4932.9.

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