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Trend Has Broken! BE SUPER CAUTIOUS! HOWEVER… for BITSTAMP:BTCUSD by JasonKuma

BTC has broken its short term up trend. We are finding support at 60k, however, this is very WEAK level of support. Instead I’m looking at 58k level of support, and if BTC breaks below that I will be looking at 53k.

I am simply looking for a trend to form. Once we have confirmation on the daily and 4 hour chart of an uptrend, I will look to open a long position. The price target is 74k or 84k.

Make no mistake the bulls are fully in control at this point. The weekly BTC chart is the strongest it has EVER been. The Whales are holding! Take a look a the on-chain metrics, it’s never looked more bullish than now. Something is brewing and the whales know it…

A couple of things to note:

1. I would not recommend opening any heavily leveraged positions at 60k, as it’s a very uncertain area. Instead look for a bullish confirmation, such as a daily close above the 62500 level, to open a long position.

2. BTC generally tends to trade higher on the weekends. Wait for the weekdays and see if we fall lower towards 58k. Only then should you want to look to open a position.

3. I am personally super bullish on the daily and weekly charts. Over the next couple of weeks I fully expect to see 86k (1.618 Fib Ex) BTC .

4. Small dips like this give traders a SOLID opportunity to establish long position. However, it important not to over leverage and to look for a solid trend/level of support. There is no rush! Wait for an opportunity to present itself.

5. The trend is your friend! If you are uncertain about price action, just wait for a trend to form, then play that trend until the end.

Leave you comments below and LMK (a) where you plan to open a position (b) what your price target is! Are we going to hit a 100k BTC by EOY?!

Happy trading guys!

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