daytrading

Bitcoin about to head up?

tradeles

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Yesterday bitcoin had some nice intraday moves. From the 40,000 level and down close to 37,000. Then a move all the way back above 41,000 and currently trading at 40,000.

I would prefer to see bitcoin head up from here and break the critical level of 42,300 level and stay above it. But just like yesterday, anything can happen. Maybe we will see another drop before another possible leg to the upside.

I prefer to get into a long trade, but I will only do so price behaves accordingly. A key level today is definitely the 39,750 level. I would love to see this level tested with a stong move back up from here backed with volume. This would be a possible place I would enter a long trade. Should BTCUSD get accepted back in below the 39,750 level, then I am eyeing a short trade, with a possible target of 37,600, but there are some strong support levels on the way down there. Specifically the 39,000 – 39,200 zone and the 38,800 level. These levels are not places I would look to enter long for now, but definitely levels to take partial profits, possibly, should you be in a short trade around these levels.

If we do see a drop, down to the 37,600 level, this is again a place where I would look for a possible long trade. If we see the 37,600 level broken, I will wait for a retest to maybe get in on a short trade with a target of 34,400.



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