Bitcoin: Retrace from resistance
Hi Steemians,
So yesterday Bitcoin touched the $3900 mark then dropped to the $3770 level (that's a $130 correction). As the Bear is pushing down, Bitcoin needs to maintain the trendline for the Bull to regain the play. If Bitcoin fails to keep the trendline, we might see a huge drop from here.
My trade setup:
- Long from $3720 with a tight stop loss at $3630. Profit taking will begin from $3900 again. Even the Bear is pusinh right now, set up a Short here is not safe and the risk:reward rate is nt favorable. Therefore, a Long from the support is better.
As Bitcoin touched the $3900 mark twivr already, I expected the next time we will see the $4200 mark again before dropping.
In the worst case, Bitcoin might drop from here. In this case, I will put a sell stop from $3599 level down to the $3300 level or even lower, since the previous support has been tested several times.
Please treat this post as informative only.
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