Bitcoin: Try Longs With Stops Below 5300

Published 10/24/2017, 09:11 AM
Updated 07/09/2023, 06:31 AM

Bitcoin Weekly Chart

Bitcoin is breaking first support at 5700/5690 and although shorts are way too risky in the bull trend, there is a good chance we slide towards a buying opportunity at 5430/5400. Try longs with stops below 5300. An unexpected break lower today however targets 5170/60, perhaps as far as last week's low at 5101.

First resistance at 5700/5750 but above 5850 allows a recovery towards the all time high at 6140/6180. A break above 6200 targets 6270/90 then 6500.

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