BITCOIN | Heading Towards 29K
These days all eyes are on crypo premier BITCOIN. The coin has been in pressure since making double top on (68K). The bearish divergence was prominent at that time and bears took aways the game from there on.
Earlier this month, on 4th Feb, Bitcoin finally manages to break above the falling trendline and price reached to 45K. The area was very important for bulls to take out as it was fib 0.618 level. The area was also of importance because of EMA100 lies. The coin took the beating from there and confirming lower high on daily cycle (Bearish Trend).
The current price suggest a sell on strength till 29K and stoploss just above 40K. Not to mention all trades with closely monitoring price action.
Is bitcoin heading towards 29K?
The majority expert don't agree to the idea rather thinks to remain buy on dip till 33K. The selling option now is too late for them and the gains for lower side are limited as compare to risk.
Technically speaking BITCOIN has all the potential to cross 100K this year. So remain buy on dip as the risk of losing is low. Buy only when bulls are giving sign on price action with mangaged risk.
Do let us know what do you think of the idea?
Earlier this month, on 4th Feb, Bitcoin finally manages to break above the falling trendline and price reached to 45K. The area was very important for bulls to take out as it was fib 0.618 level. The area was also of importance because of EMA100 lies. The coin took the beating from there and confirming lower high on daily cycle (Bearish Trend).
The current price suggest a sell on strength till 29K and stoploss just above 40K. Not to mention all trades with closely monitoring price action.
Is bitcoin heading towards 29K?
The majority expert don't agree to the idea rather thinks to remain buy on dip till 33K. The selling option now is too late for them and the gains for lower side are limited as compare to risk.
Technically speaking BITCOIN has all the potential to cross 100K this year. So remain buy on dip as the risk of losing is low. Buy only when bulls are giving sign on price action with mangaged risk.
Do let us know what do you think of the idea?
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