If you’ve been trading bitcoin lately then you probably know that we arrived at a make it or break it point. Bitcoin is currently ranging around the critical $6000 support level and if that one break we will probably see it falling down to around $4000. That would be a signal for me to immediately go and short bitcoin but at the moment I am not in any position when it comes to bitcoin.
On the upside : If this support level holds we would be forming a triple bottom ( adding additional strength and support to the $6000 mark and it should fairly safe to go long again and see the price go towards $9000 again)
With my broker I added some stop limit buy / sell orders so if it breaks out to the bottom Ill be in a short position and if it moves around $7000 I will automatically activate my long position . What are your thoughts on the bitcoin support level ? Will we make it or break it? Looking forward to reading your comments.