Bitcoin – Next Buying OpportunityWhen there is a retrace within a bullish trend, what should you be doing? Looking for buying opportunities.
BTC/USD Video Analysis
Although Bitcoin has yet to produce a new buy signal, we view this as a chance to add back to our long from 5750 (since we now only have 1/3 of the position left) Where are the inflection points? 8500 which was a previous resistance and 7695 which is the key support for the current broader bullish structure.
7695 Support Level
AS LONG AS 7695 is not compromised, Bitcoin is likely to reverse higher, and at least attempt to take out the 10,200 area high. This may take a week or so to play out, but BASED on the price structure and price action, this is the higher probability scenario.
This article was written by Marc Principato CMT, Executive Director at Greenbridgeinvesting.com.