Bitcoin has been moving in a rather predictable range over the last while and it makes sense that eventually, it will move into a “new zone” This often takes place rather unexpectedly. We saw Bitcoin hit the $32.000 mark recently only to suffer a severe rejection. Bitcoin is now attempting to break this level yet again. A solid confirmed move above $32.000 would be very bullish but only in the short term. That needs to be remembered. If BTC goes on to reach $35.000, I would be seriously considering a short above $36.000, or sooner if the opportunity presents itself.
Bitcoin needs to make a decision fairly soon and will most likely be influenced by the stock market opening in a couple of hours. Lately, there have been a number of “fakeouts”, both to the upside and downside. It will be wise to wait for a definitive confirmation before opening a position. Ultimately, you want to see the price action retest the breakout or breakdown point. Bitcoin could also suffer another severe rejection at $32.000 and head back to the $29.500 mark again.
Both scenarios are displayed above and would likely make a nice trade with modest leverage. Skilled and experienced traders should only consider trading with leverage. I would not advise leverage trading for beginners. These are my views and interpretations of the current market. Do not consider this investment advice in any way. This is purely informational. Thanks for reading and let’s see what BTC does in the upcoming hours.