Bitcoin has managed to break it's local down trend and has been going sideways, in my eye it's been forming an ascending triangle which usually break out bullish , although we should be prepared for anything with current global market conditions. I have been filled on my spot orders I had down around ~36500 I won't be buying any more bitcoin unless we break down lower and really start testing levels below 30k. If we do break lower and want to keep levels around ~30k we'd probably want to see a spring setup to be formed (similar to March 2020), just a spike to it and back to current prices. I don't see bitcoin consolidate around the ~30k and move higher from there, I think we'd head for lower prices in that case.
My tip is to always take in account risk to reward, not just in trading but especially on your investments. Ask yourself where could bitcoin ultimately go if it continues trending down? And what prices do you expect if we reverse and continue upwards? To answer that myself, honestly I don't think current prices are to be considered the greatest opportunity, you'd probably have your first point of taking out profit at around 60-65k (+55% ROI ), where do you think bitcoin could go if it breaks out lower? First interesting point of price action is the 2017 peak @ ~20k and if we head lower even 10k(-70% ROI ) could be a possibility looking at prior bear markets. Truth be told risk to reward on bitcoin right now isn't the best and I wouldn't have bought in at current prices if I didn't take out some profits above 60k.
I'm curious to know where we will be heading over the next weeks and months, with a lot of bias and looking at current chart patterns I'm lowkey bullish .
My tip is to always take in account risk to reward, not just in trading but especially on your investments. Ask yourself where could bitcoin ultimately go if it continues trending down? And what prices do you expect if we reverse and continue upwards? To answer that myself, honestly I don't think current prices are to be considered the greatest opportunity, you'd probably have your first point of taking out profit at around 60-65k (+55% ROI ), where do you think bitcoin could go if it breaks out lower? First interesting point of price action is the 2017 peak @ ~20k and if we head lower even 10k(-70% ROI ) could be a possibility looking at prior bear markets. Truth be told risk to reward on bitcoin right now isn't the best and I wouldn't have bought in at current prices if I didn't take out some profits above 60k.
I'm curious to know where we will be heading over the next weeks and months, with a lot of bias and looking at current chart patterns I'm lowkey bullish .