Bitcoin Gap Trade: $20k and then up to $35k
Short-term bearish, long-term bullish.
I'm not currently trading Bitcoin and am only stacking, but I use the short-term technicals to time my buys which have been nearly every week since September 2022, and my current cost average is ~20k.
Bitcoin price is attempting to hold above 28k after breaching but failing to hold above 30k this past week. The reversal here isn't surprising considering that price just pretty much ran from 20k to 30k unhindered so a pullback was expected at some point given the bearish sentiment that still surrounds crypto in general.
As for gap trades, Bitcoin tends to fill gaps sooner rather than later compared to other assets so the most likely path for Bitcoin going forward from here is a fill of the gap down near 20.5k in the coming weeks, price finding solid support in that range, and then a move higher to fill the gap up in the 35k range in the coming months.
Good luck out there traders.
I'm not currently trading Bitcoin and am only stacking, but I use the short-term technicals to time my buys which have been nearly every week since September 2022, and my current cost average is ~20k.
Bitcoin price is attempting to hold above 28k after breaching but failing to hold above 30k this past week. The reversal here isn't surprising considering that price just pretty much ran from 20k to 30k unhindered so a pullback was expected at some point given the bearish sentiment that still surrounds crypto in general.
As for gap trades, Bitcoin tends to fill gaps sooner rather than later compared to other assets so the most likely path for Bitcoin going forward from here is a fill of the gap down near 20.5k in the coming weeks, price finding solid support in that range, and then a move higher to fill the gap up in the 35k range in the coming months.
Good luck out there traders.
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