We can clearly observe that we are once again in an uptrend, which is certainly encouraging news. This resurgence makes a break below the current low of November 2022 at 15k seem unlikely.
Thus, we find ourselves in a new bullish cycle, with a potential target of at least 100k. Personally, I believe that aiming for 150k to 250k in this cycle is quite plausible. This signifies numerous new opportunities in the realm of Bitcoin and cryptocurrency.
Many altcoins are currently trading at lower levels, presenting a favorable opportunity to invest in the cryptocurrency market.
Although, it's important to adhere to rule number one: avoid succumbing to hype and exercise patience. It's crucial to wait for an opportune entry point, ideally during a dip with a confirmed reversal pattern, or a breakout from a trading pattern within a favorable price zone. This is the essence of prudent trading.
However, reaching the 100k mark won't occur immediately, especially without a significant pullback. Presently, it's ill-advised to enter the market, as mentioned earlier. In both investing and trading, patience is key, and it's better to miss out on an opportunity than to enter into a risky one. For me, now is the time to secure profits and reassess the market for a better entry point. The zone between 59k to 82k presents an opportune window to take profits, particularly if there are signs of a reversal pattern or divergence. Alternatively, one can progressively secure profits within this range and wait for a re-entry opportunity between 40k to 23k. Subsequently, it's prudent to await entry confirmation, such as a reversal divergence or another preferred indicator. Alternatively, one can gradually enter the market with buy limits at various levels between 40k to 23k.
Regarding shorting, it's advisable to wait for a break above the previous all-time high. An entry for a short position can be planned between 70k to 82k, contingent upon identifying a suitable trading pattern. Profit-taking can occur at 50k, with the majority or all of the profits being realized at 40k. While it may be tempting to hold onto positions for potentially higher gains, it's essential to prioritize safety. At least 50% of profits should be secured at 50k and 40k levels.
For me, a break below 18k confirmed with a weekly close below signals a significant shift. However, this doesn't necessarily imply selling Bitcoin outright. Instead, it suggests that new all-time highs may not be imminent, and we could potentially be entering a new downtrend. Nevertheless, Bitcoin remains a stable asset, providing the option to either hold or await a pullback to exit positions. This exemplifies the approach of smart trading.
I'm back on TradingView, and I appreciate your support by liking my post. With your encouragement, I'll continue to provide more frequent updates on major trading pairs, perhaps even on a weekly or monthly basis. This post was crafted diligently by myself, taking over an hour to compose. I only utilize tools for text correction, not for generating content. Therefore, if you'd like to see more updates, please follow me. Thank you sincerely for your support.
Thus, we find ourselves in a new bullish cycle, with a potential target of at least 100k. Personally, I believe that aiming for 150k to 250k in this cycle is quite plausible. This signifies numerous new opportunities in the realm of Bitcoin and cryptocurrency.
Many altcoins are currently trading at lower levels, presenting a favorable opportunity to invest in the cryptocurrency market.
Although, it's important to adhere to rule number one: avoid succumbing to hype and exercise patience. It's crucial to wait for an opportune entry point, ideally during a dip with a confirmed reversal pattern, or a breakout from a trading pattern within a favorable price zone. This is the essence of prudent trading.
However, reaching the 100k mark won't occur immediately, especially without a significant pullback. Presently, it's ill-advised to enter the market, as mentioned earlier. In both investing and trading, patience is key, and it's better to miss out on an opportunity than to enter into a risky one. For me, now is the time to secure profits and reassess the market for a better entry point. The zone between 59k to 82k presents an opportune window to take profits, particularly if there are signs of a reversal pattern or divergence. Alternatively, one can progressively secure profits within this range and wait for a re-entry opportunity between 40k to 23k. Subsequently, it's prudent to await entry confirmation, such as a reversal divergence or another preferred indicator. Alternatively, one can gradually enter the market with buy limits at various levels between 40k to 23k.
Regarding shorting, it's advisable to wait for a break above the previous all-time high. An entry for a short position can be planned between 70k to 82k, contingent upon identifying a suitable trading pattern. Profit-taking can occur at 50k, with the majority or all of the profits being realized at 40k. While it may be tempting to hold onto positions for potentially higher gains, it's essential to prioritize safety. At least 50% of profits should be secured at 50k and 40k levels.
For me, a break below 18k confirmed with a weekly close below signals a significant shift. However, this doesn't necessarily imply selling Bitcoin outright. Instead, it suggests that new all-time highs may not be imminent, and we could potentially be entering a new downtrend. Nevertheless, Bitcoin remains a stable asset, providing the option to either hold or await a pullback to exit positions. This exemplifies the approach of smart trading.
I'm back on TradingView, and I appreciate your support by liking my post. With your encouragement, I'll continue to provide more frequent updates on major trading pairs, perhaps even on a weekly or monthly basis. This post was crafted diligently by myself, taking over an hour to compose. I only utilize tools for text correction, not for generating content. Therefore, if you'd like to see more updates, please follow me. Thank you sincerely for your support.