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Bitcoin is right now trading at 59,500, just below the critical 60K level. This is without a doubt a critical level, and trading below it does highlight further possible downside, in my opinion.
Now with the most recent drop, we did just come down and test the 50-day moving average. This is usually a solid long opportunity in a bull market, and maybe that is the case this time. If this is the case, I do expect to see a sweep of the current lows at 58,400, maybe with a move down to test the 57,500 level followed by a sharp move to the upside. This is definitely a possible trade I will be paying attention to.
Should this play out, I am looking to take profit around the 62,500 level and look for a short trade around the same level. A short entry here would be with an initial target of 52,800, and should we see a break of this level, I will look for 46,000 as the next target and a level for a possible long trade.
In short I am to trade the following key levels; 62,588 - 57,500 - 52,800 - 46,000.