As a reminder, Bitcoin is the largest cryptocurrency in the world. Due to this, it is important to have a constant awareness of its price. On the other hand, the U.S. dollar is the world’s reserve currency. So, it is also important to keep a keen eye on the USD.
Let’s have a look at the long as well as short trade ideas
When it comes to long-trade ideas, it makes sense to go after a bullish price action reversal on the H1 time frame following the next touch of $45,477 or $43,988. People should place the stop loss $100 below the local swing low. Moreover, it is important to move the stop loss to break, even once the trade is $100 in profit by price. Also, it makes sense to take off 50% of the position as profit when the trade is $100 in profit by price and to leave the remainder of the position to run.
Let’s move to short-trade ideas. Importantly, traders should go short after a bearish price action reversal on the H1 time frame following the next touch of $48,207 or $51,837. Moreover, it is important to place the stop loss $100 above the local swing high. Furthermore, people should move the stop loss to break even, once the trade is $100 in profit by price. Moreover, it makes sense to take off 50% of the position as profit when the trade is $100 in profit by price and to leave the remainder of the position to run.
Bitcoin’s price and a historic result
Interestingly, last month Bitcoin peaked at an all-time high price in USD above $58,000. Since then, we have seen an inevitable strong sell-off after a very overextended run. Though it must be said, the run was becoming a speculative bubble.
It is worth noting that, Bitcoin’s price declined by more than 24%. Interestingly, the technical picture is one of a burst bullish bubble that is now forming a medium-term bearish wedge pattern. People should keep in mind that, the bubble could inflate again quickly.
In spite of the broadly bearish situation, recent hours have seen a recovery in riskier assets in the market. Bitcoin is not an exception.
As stated above, Bitcoin’s price reached an all-time high in January. This cryptocurrency has the potential to reach even better results. So, it is not surprising that traders, as well as analysts, are constantly monitoring the situation to learn more about its price.