Potential signal:
I am a buyer bitcoin right here, with a stop loss at the $65,500 level, and a target of $72,000. However, if you are longer term incline, waiting to see if we can break above the $73,000 level could work out in your favor if you can add to the position at that point.
- Bitcoin has initially fell during the trading session on Friday to test the crucial $67,000 level, an area that has previously been rather resistive.
- Because of this, the market ended up forming a bit of a hammer during the trading session, and it makes sense for me that the market could very well continue to see this range that we had been in as important.
- The $67,000 level has obviously been important multiple times, I think that will continue to be the case going forward.
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If we break down below the $66,000 level, then it’s possible that the market could go down to the $60,000 level. The $60,000 level is a significant support level on longer-term charts, and I think that will continue to be a situation where if we can hold that, it could be ugly things just waiting to happen to Bitcoin. However, it looks to me like traders are willing to jump in and take advantage of “cheap coins”, and therefore I like the idea of buying this dip.
Institutionalized Crypto
Instead of getting into the argument as to whether or not bitcoin is “crypto”, the reality is that it’s the first digital currency that Wall Street has fully embraced. Because of this, I think you have a real shot at going higher, and it could start to become more of an index than anything else. After all, Wall Street and its institutional traders do not like wildly volatile markets. Because of this, it’s likely that they dampen the wild swings going forward, and therefore I think you have to look at this more or less as an investment less of a trade. However, if you are more short-term incline, you are aiming for the $72,000 region.
I do believe that this is a market that will eventually break out to the upside, but it may not be the easiest thing to do in the next couple of weeks. In general, this is a market that I think continues to see more of an upward bias, but it is also one that a lot of people are excited about.
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