As written on these pages on 26 July, the signal generated was of imminent bullish acceleration and the cryptocurrency fulfilled its commitment with a rise of more than 10% in less than a month. And now what to wait with the price at 9,888.5 as per today’s quotation? In the last 30 days the price had moved from 8,249.82 to 10,512.90 and then retraced back to current levels.
Is the retracement movement of the last few days a buying opportunity on Bitcoin for the laggards? Let’s study the possible dynamics and what could happen and the best trading strategies to be applied.
Bitcoin (BTC EUR) since the beginning of the year has marked the minimum at 3,512.21 and the maximum at 10,512.90.
In recent years and precisely in 2017, a maximum was reached at 16,670.70.
Here’s what to do in the next few days to bring home gains that could be extraordinary in the short, medium and long term.
Bitcoin Buying Opportunity for Laggards
The levels reached in the last 2/3 days could immediately restart the rising prices so you must pay close attention.
What to do today?
Buy Bitcoin at current levels with stop loss at 9,470.
What are the subsequent objectives that could be achieved in 1/3 months?
The first, and it is plausible that it will also be reached in the next 30 days, is placed in the 11,000 / 11,210 area. As for the next 12/18 months, our view is that the maximum reached in 2017 is greatly exceeded (at least 30%).
What are the levels that could undermine our short-term view? Daily closures of less than 9,470 for the short term. For the long term, however, the cryptocurrency could take a downward trend only with weekly closings below 8,519.
These levels will be reviewed as of September 30th.
The advice therefore is to take advantage of the retracement of the last few days to position yourself up in the short and long term. We believe that Bitcoin can reach remarkable levels in the coming years.
As usual we will proceed step by step.
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