Trading plan: BTCUSD (Bitcoin)
Ruslan Kuchma
Senior Chief Trading Officer | Crypto & Forex Markets Expert | 20+ Years in Asset Management & Risk Optimization
Bears continue to absorb the market of cryptocurrencies. Buyers tried to support Bitcoin's rate near the level of $ 7400, but sellers at $ 7550 took the initiative in their own hands (see point 1 on the chart).
The analysis of Bitcoin volumes shows a decrease in turnover of its sale. And this means that there is a "fading" of Bitcoin sales: soon there will be a strong bounce up. We believe that large buyers of Bitcoin should appear in the zone: $ 7000 - $ 6800.
Priority of the day: BTCUSD sales with a target of $ 7000.
As always, we recommend our subscribers to search for an entry point for Bitcoin sales only after it is rolled back up to $ 7600.
Projected scenarios:
1. Sell BTCUSD from $ 7600 to $ 7000.
2. It is more likely that there will not be a rollback, and Bitcoin's rate will reach its stated goal.
Alternative scenario:
Now it is a very dangerous place for Bitcoin sales: there was a long consolidation, then a short impulse (culmination) to $ 7100 - $ 7000, followed by a sharp bounce upwards. Therefore, those who hold a short position on Bitcoin, we advise you to think about its closure and profit-taking. And to all our other subscribers, we recommend waiting for the end of the downwards momentum of Bitcoin, and think about buying it: from $ 7600 to $ 8000.