Bitcoin Update 26th January 2020
Dear Traders, two days back I have provided Bitcoin update also we caught Short Trading Call from $328xx level to $308xx level in premium. For some traders, this might be no profit, no loss as price movement was so fast.
Current Status Bitcoin Update
Let’s checkout current Bitcoin update. We can see Bitcoin formed a big symmetrical triangle since 4th January 2021 and got break out after making a new all-time high on 20th January 2021 later that we have found another smaller symmetrical triangle. This is where I informed premium users about selling their Bitcoin. I am still not holding any Bitcoin.
So today, All I want to keep everyone on the safer side by considering below trading action.
When to Long/Buy Bitcoin? (Resistance Zone)
According to my trading rules which is standard trading rules following by many other traders which are only bought when there is a proper trend continuation, having resistance broken and retest or fib level retracement. So concerning that rule currently I am not watching any big long position opportunity until the Bitcoin break the current resistance level highlighted by the red box. If you sold your bitcoin, then repurchase it when we see broken resistance.
When to Short Bitcoin? (Support Zone)
To short the bitcoin, we have one great support zone highlighted by the green box in the below image. I will prefer to open a short position when there is a breakdown from the support zone and retest. Later then we have the next support zone is yearly closed at $282xx level. So at that point either I close my position or will wait if this level got broken to add new more quantity in the current position.
Bitcoin Update to buy after the dump?
What can be the target for the short position?
This answer I would prefer to give when the current support level got breached by Bitcoin price. Because for me, it’s not a good idea to predict and create hope. Instead of being optimistic, I would like to be a real trader and follow the fact that trading chart shows us.
So overall thought on the Bitcoin is we are waiting for a break out from the current zone which is $30600-$34800 level. When there is break out we will perform the Long or Short trade till then we have other coins to trade with it.
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