If youโre wondering whether to sell Bitcoin based on my article, hereโs my answer:
There is both a buy and sell opportunity in Bitcoin at the moment, but it ultimately depends on how you execute your strategy. This article aims to assist you by providing insights into how I view the current market opportunities. If you havenโt already, I recommend reading my pinned post ๐ where I explain why Bitcoin could crash below $80k.
Letโs start with my general view of the current market
I expect the weekly candle to close within the current zone, marked in red on the chart. This zone is between $101k and $97k. If the market closes within this range, the overall sentiment remains strongly bearish.
Additionally, since the first zone (marked in green) experienced about two weeks of price action, I wouldnโt be surprised if the second zone (marked in red) also sees consolidation before a significant sell-off. This is why Iโve indicated potential consolidation in the red zone with a zigzag pattern.
If the market consolidates in this zone, it presents a sell opportunity. Hereโs how to approach it: โฌ๏ธโฌ๏ธโฌ๏ธ
Sell Trade Opportunity
This trade will follow a 1:2 risk-reward ratio.
- Entry Zone: If the market pushes above $101.5k to $102k, swing traders can anticipate a sell opportunity.
- Stop Loss: Set your stop loss above $107k.
- Take Profit: Target a profit zone between $88k and $89k. This will allow you to potentially pick up another trade in this area.
BUY TRADE โฌ๏ธ
Buy Trade Opportunity
Once the market enters the $87k to $86k zone, a buy opportunity emerges.
- Entry Zone: Look for buys between $87k and $86k.
- Take Profit: Aim for a profit zone between $96k and $97k.
- Stop Loss: Set your stop loss at $83k.
Key Notes on These Trades
Both trades are swing trades, meaning they could take more than a day or even a week to reach their profit targets. Patience and a relaxed mindset are important when executing such trades.
This is how I currently view the market. For a broader perspective, check out my previous articles where I explain why I believe the market could sell off to a zone below $80k, supported by several reasons.
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Let me know if you have further questions or need clarification! ๐
DYOR๐ค Because market is King ๐
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