Trading plan: BTCUSD (Bitcoin)
Ruslan Kuchma
Senior Chief Trading Officer | Crypto & Forex Markets Expert | 20+ Years in Asset Management & Risk Optimization
The Bitcoin rate found support from buyers near the $ 5800 level.
Priority of the day: neutral position on BTCUSD.
Bitcoin price is still in the descending channel, so it's too early to talk about its long-term purchase. Now we are seeing the forecasted bounce of Bitcoin's rate upwards, after a strong bearish culmination.
It is dangerous to sell Bitcoin from the $ 6200 - $ 6100 zone, because the upward momentum was strong and on large volumes.
Today we forecast a continuation of correction of Bitcoin's rate upwards, to $ 6550. We recommend staying out of the market, because the probability of a drop or rise in Bitcoin's price is now around 50/50.
We hope that the bulls will be able to take the initiative in their own hands, and we will soon join the purchase of Bitcoin.
Projected scenarios:
1. The rate of BTCUSD will rise from $ 6100 to $ 6550.
2. The rate of BTCUSD will drop from $ 6100 to $ 5500.
Alternative scenario:
It is possible that today there will be no more strong movements of Bitcoin's rate, and it will be in flat.