The Mighty 200 moving average.
It's almost like the star of the show in Bitcoin's recent price action. This level seems to hold the power to act as a formidable resistance, pushing it up or further down. It's like a fork in the road, dictating which way Bitcoin might turn next.
Scenarios on the Table:
Let's break down a couple of possible scenarios here:
Bitcoin might be gearing up for a revisit to the $20,000 mark or even take a deeper plunge before it embarks on a significant bull run. This scenario could unfold bitcoins reacts strongly at the 200 daily moving average
The Breakout of the weekly 200ma could lead to a potential $31,000 Retest:
On the brighter side, if Bitcoin manages to break free and then successfully retests the $31,000 level, it could signal a more bullish sentiment in the market.
Key Levels - Where Pros Play:
Professional traders are known for their keen focus on key levels of price action, so the 200 moving average will be a key player here.
My personal trading approach is to short around $27,700 with a stop loss of $29,000
take profit at around the $19000.
This swing aligns with a risk-reward ratio (RR) of at least 6 to 1, which I consider a cautious and disciplined approach. it's a clear plan that suits my trading style.
This is my personal trading approach, along with my personal perspective on Bitcoin's current state and the potential paths it might take. However, always remember that trading is no walk in the park; it comes with its own set of risks. This is my personal trade, your decisions are your own.
This is not financial advice it is my personal view****
It's almost like the star of the show in Bitcoin's recent price action. This level seems to hold the power to act as a formidable resistance, pushing it up or further down. It's like a fork in the road, dictating which way Bitcoin might turn next.
Scenarios on the Table:
Let's break down a couple of possible scenarios here:
Bitcoin might be gearing up for a revisit to the $20,000 mark or even take a deeper plunge before it embarks on a significant bull run. This scenario could unfold bitcoins reacts strongly at the 200 daily moving average
The Breakout of the weekly 200ma could lead to a potential $31,000 Retest:
On the brighter side, if Bitcoin manages to break free and then successfully retests the $31,000 level, it could signal a more bullish sentiment in the market.
Key Levels - Where Pros Play:
Professional traders are known for their keen focus on key levels of price action, so the 200 moving average will be a key player here.
My personal trading approach is to short around $27,700 with a stop loss of $29,000
take profit at around the $19000.
This swing aligns with a risk-reward ratio (RR) of at least 6 to 1, which I consider a cautious and disciplined approach. it's a clear plan that suits my trading style.
This is my personal trading approach, along with my personal perspective on Bitcoin's current state and the potential paths it might take. However, always remember that trading is no walk in the park; it comes with its own set of risks. This is my personal trade, your decisions are your own.
This is not financial advice it is my personal view****