The Week Ahead for Bitcoin - Battle for $48k
And trade updates on #bitcoincash, #bitcoin, #solana, #avalanche
Traders,
Let’s make this as simple as possible for Bitcoin. It’s really this - Bitcoin must beat 48k to continue the bullish trend and confirm that larger cup and handle pattern is in play which will take us to 80k.
If we don’t beat 48k soon, then I expect another small pullback. However, it may not be as deep of a pullback as other analysts expect. According to my chart technicals, most indicators are still hyper-bullish. Therefore, I’d say we may only pullback to 42k at most.
If we do beat 48k, that’s our signal that the bullish trend will continue. We have to be quick about entries if we want to play the continuation. Normally, my rule is to wait for at least one confirmation candle on the daily. Because of the bullishness of price right now, I’d make an exception to this rule. If we don’t, we could miss out on big price movement. It’s up to you how you want to play entries at this point and, as always, it’s based on your own personal risk tolerance. If you are a more aggressive trader, I’d suggest jumping down to the 4hr chart and looking for confirmation there.
Now as far as trades go, I’m still half in on my Bitcoin long but I have raised my stop all the way up to 47,500. Bitcoin Cash (chart below) has reached it’s second target and true to form, I have pulled another quarter out for profit. Solana and Avalanche have yet to launch so I am keeping original SLs in tact for now.
Here’s a look at our current trade tracker:
