Bitcoin caught in downtrend, will it break out?
I posted a video a few days ago giving an overview of what I see taking place in the crypto market through technical analysis, specifically with Bitcoin.
You can watch that video below:
We watched Bitcoin reject the $10k level. From that peak, we have seen a down trend develop that Bitcoin needs to break out of in order to retest it's previous high.
In my previous analysis, I discussed how I would place a trade if Bitcoin broke through $8750 successfully, it never did, but it has the chance to do so very soon.
Once Bitcoin successfully breaks through this down trend, I will be placing a trade with tight stop losses.
What I love about this market is that it always is making exciting moves and there are always opportunities opening up. You just have to choose to be unbiased and trade with the trend.
Where do you think Bitcoin is heading? How do you plan to profit from it's price action? Let me know in the comments below.
Thanks for reading guys. You are the reason I share my ideas. I greatly appreciate the support.
Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.
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