Last week we envisaged that bitcoin price will have a major push after breaking the range. Bitcoin did break the lower range and plunged lower. Certainly, this would have caused serious loss for most traders.
How to trade this period is to maximize pullbacks. This will require you spotting strong support levels and take short trade before the major downtrend takeover. Pending till bitcoin reverses and starts a new uptrend this is the only way to go.
This trading plan only affects those that trade daily, those who hold bitcoin for a longer time need not do this.
Looking at the technical indicators:
- Major Support Level – $$56,236