Trading plan for Bitcoin for April 07, 2021 - Kakiforex | Forex markets for the smart money. Trading plan for Bitcoin for April 07, 2021 Trading plan for Bitcoin for April 07, 2021

April 8, 2021

Trading plan for Bitcoin for April 07, 2021

 Bitcoin bears have managed to drag prices lower to $57,500 from the top of consolidation range around $59,000 levels, but it needs to break below $56,500 mark to reach $54,000 and find strong support. Thereafter, bulls are expected to be back in control and push prices higher towards $63,000 and above. The overall trend remains up but a corrective drop might materialize before a new high.


Bitcoin is seen to be trading near $57,500 levels at this point in writing and it could produce a swift drop towards $54,000/55,000 levels before reversing higher again. Immediate short term support is at $50,000, while intermediate resistance is seen towards $62,000 levels respectively. Also note that fibonacci 0.618 retracement of the recent rally between $50,300 and $60,000 is seen around $53,000/54,000 levels, hence probability of a bullish reversal remains high if prices manage to drop there.


Overall uptrend remains very much intact until prices stay above $50,000 mark, going forward. A break there would encourage bears to drag further towards $43,000 and $40,000 levels to find the next support. Also note that fibonacci 0.382 retracement of the entire rally between $3,850 and $61,780 is seen around $40,000 levels respectively. Bulls are expected to take control back if prices drop through that zone.


Trading plan:


Buy @ 54,000/55,000, stop @ 50000, target above @ 63,000