Our technical out look in the short to medium term is bearish. While we remain very bullish on Bitcoin and the general cryptocurrency space in general for the long term. In the short term, we out look is bearish. A double top seem establish.
How to trade this
we will be placing a sell-stop order at the 9,400 region. if this triggers, we expect a collapse to 8,500 area followed by a sharp recovery. So we will also place a take-profit order at around 8,600. There is a strong possibility price collapses to the 7,700-7,500 region where the 100 day SMA is as there is a very strong support there. kindly ensure you position size appropriately if you intend to take this trade with us. Please remember, our biggest positions i.e 90% of your funds exposed this space should be invested. A price collapse should be seen as an opportunity to accumulate more Bitcoins.