Trading plan for Bitcoin for April 06, 2021 - Kakiforex | Forex markets for the smart money. Trading plan for Bitcoin for April 06, 2021 Trading plan for Bitcoin for April 06, 2021

April 7, 2021

Trading plan for Bitcoin for April 06, 2021

 Bitcoin bulls are threatening to break higher but they might be successful after a corrective drop towards $54,000 at least. This is not a certainty but probability remains high after having taken out intermediary resistance around $60,000 levels earlier. Also note that $54,000/54,500 is passing near the fibonacci 0.618 retracement of the recent rally between $50,300 and $60,000 levels respectively.


Bitcoin bulls remain poised to resume its rally from close to $54,000/54,500 mark, going forward. At the moment, the crypto might be carving an up gartley which is a bullish pattern. It is seen to be trading around $58,400 levels at this point in writing and a flash drop towards is expected towards $54,000/54,500 at least. Also note that prices must stay above $50,000 interim support, to keep the above bullish structure intact.


Immediate price resistance is at $62,000; while support comes in at $50,000 and $43,000 levels respectively. If bears succeed in breaking below $50,000, it would confirm that a meaningful top is in place around $61,780 levels and that Bitcoin is heading lower towards $43,000 and $39,000 levels respectively.


Trading plan:


Buy @ 54,000/55,000, stop @ 50,000, target 63,000