Bitcoin Still in a Range

Bitcoin Still in a Range

tradeles

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Bitcoin did have a drop down to the 59,800 level and immediately bounced back above the 60K level. Right now, it is trading at 60,900.

As mentioned in yesterday's post, I was looking to long around the 61,000 level, so I put in a couple of limit orders last night, which all got triggered with an average entry at 61,066 and a stop loss at 59,000. As of right now, this trade is still open and just around break even. I am keeping this trade open for now, potentially looking to scale in around 60,250.  Should we see acceptance below 60K, I will be closing this trade out.

Should we see continuation to the downside, I am looking for a long trades at 58,800 and scale in quite heavily at 57,500 with a somewhat tight stop loss just below this level.

Should we continue up from here, I expect a bit of resistance around 62,400, so this may be a possible target for partial profit. The same goes for 63,140. After this, we may see a bit of struggle with the 64,200 level. Breaking this, and I will be looking for a new all-time high.



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