Few days back we looked at bitcoin price as it neared the 7400 area again. Since then price got a boost and rallied with yesterday’s candle giving a nice push through the 8400 area, which is where price stalled out on the last bounce.
Ideal situation is we stay above 8400 before making a run at the prior support level of 9400. There are some prior tops from earlier in the year at 8700 as well so we could see some struggle there first.
Patience is Key
Downside remains the same. 7600 area is support. I’m not initiating any new positions here as the upside is nearly the same amount as the potential downside. Still holding my adds from the past couple weeks at 8400 and 7800. 9400 is my first profit target.