60,000 for bitcoin price within reach!

Bitcoin (BTC) and gold: The two are often compared in terms of the store of value. Both assets can be used to store value. Bitcoin is easier to transport and sell, but its price is more volatile. Gold is the traditional save haven, but not as dynamic as Bitcoin.

Where does the Bitcoin price still want to go?

What about good entry points for long-term investors and short-term trades? Again and again you hear the statement „It’s too late to jump on the bandwagon now!“ But at some point every BitQT train stops and offers entry opportunities. This chart analysis on a weekly, daily and 4-hour basis discusses possible entry points!

After the breakout from the consolidation range to the upside last week, the Bitcoin price has gone one better! It is currently scratching $60,000! Long-term investors should be happy about this. A new all-time high is being formed almost daily. It seems as if we have arrived at the next bull run.

From a trader’s point of view, however, it would not be a good long entry at the moment. This train has been running for at least two weeks and does not seem to be stopping for the time being. The support zone of the two weekly key levels between approx. 32,280 dollars and approx. 38,200 dollars is the next catching point if the price falls.

The next support zone for the bitcoin price would actually only be in the price region around the old all-time high from the end of 2017. This area stretches from around 19,400 dollars to around 19,900 dollars. Looking at the weekly closing price, the Moving Average 200 (black line below the price) definitely offers good entry points for long-term investors.

Bitcoin price

The daily view looks as bullish as the weekly. After the bullish break of the bull flag (orange channel), there was only one direction. Fuelled by very good fundamental news, the Bitcoin price is currently unbrokenly strong.

However, a favourable entry point on the long side is not really to be found in the daily chart. The risk always outweighs the potential profit. If the Bitcoin price were to fall back again, the zone between $38,200 and $40,600 would be seen as the first important support. The daily moving average 200 also usually offers good support, but is much too far away for trades in the near future.

Entering short trades are very risky in the current market situation. Nobody knows where the turning point will be and where another correction will occur. That is why trades with the aim of „catching the top“ are usually ended with a loss. It is not without reason that „the trend is your friend!“

They do exist, the bears. However, you currently have to look for them in other assets. Even the 4-hour chart only knows the way up! Even consolidations that are actually of a bearish nature (marked in orange) are being bullishly resolved by the Bitcoin price. As we predicted in our last report, the bullish breakout from this consolidation led far beyond the 50,000 mark.

Should the price fall back, there are two key support zones in the short term. The two zones between the respective two 4-hour key levels have become support for smaller units of time. There, the Bitcoin price oscillated slightly back and forth and a lot of price action took place. These sideways phases always serve as reference points for prices in which a new direction is decided.

As always, only trade with the capital you are prepared to lose in the worst case. Only take so much risk that you can sleep peacefully! And otherwise, keep up the happy trading!