Bitcoin has seen a massive rally to the upside. BTCUSD is currently trading around the 54,000 level, and is clearly now consolidating before its next move. The question is, will it continue higher or have a retracement from this level.
Personally I think its likely we will see a bit of retracement before another move up to test higher levels around the 57 - 58,000 level. I am however ready, to trade it both long and short, all depending on the next move. If BTCUSD starts to move down I am looking for possible long trades in the following zones.
52,400 to 52,800
51,700 to 51,900
50,000 to 50,200
Specially the last level (50,000) is likely to be a strong level of support. Should we see bitcoin move all the way down there, this is definately a place I will look to enter a long trade.
Should we see bitcoin move up from the current level, I am looking for a possible short around the 57,800 to 58,400 level.
I would personally prefer to see a move to the downside for now, and look to get in long.