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Bitcoin did have a solid move to the downside as expected (and mentioned in the previous post), but it never moved all the way down to 57,500 level. 60,000 was clearly a strong level of support, and I do expect Bitcoin to stay above this level for the time being. Should we drop below 60,000, the 57,500 level is still a place where I will look to enter a long trade. But for now, I will base my short term trades on the idea that bitcoin will stay above 60K.
Specifically I am looking for three key levels to enter trades from. See the image below with highlighted levels, and description below.
Long: I am looking to go long should we see a drop, down to 61,100. This will be a swing trade with an initial target of 64,200. Should we break this level I am looking for a second take profit level around 66,000, and let the rest run for All time highs, should we break that level as well.
Short: Should BTCUSD move up from its current levels, I am looking for a possible short trade around 64,300. This will be more of a scalp trade with a tight stop and where I will stive to move stop loss to break even as soon swiftly. Should we continue up through this level, I am looking for a possible short around 66,000. This will be more of a swing trade with an initial target of 61,000.