The following video shows my opion and bitcoin price forecast with some trade ideas
- Current Position: Bitcoin hovers around $51,615, facing double resistance. 🚫📈
- Market Movement: Recent break from a bullish pattern, now at a pivotal bearish juncture. 📉🐻
- Trade Strategy: Bearish bias with a stop-loss above $54,300 for risk management. 🛑💡
- Position Sizing: Adjust size for an optimal reward-to-risk ratio; aim for meaningful profits. ⚖️💼
- Profit Targets: First partial profit at a cautious 1.32 reward-to-risk, with a long-term aim below $50,000. 🎯💵
- Adjustments: Refine stop-loss and targets for a potential average ratio of 1.65, enhancing trade viability. 🔧📊
- Risk Mitigation: For non-traders, consider reducing exposure to mitigate risk at this uncertain juncture. 🛡️👀
This snapshot provides a strategic outlook for navigating Bitcoin’s volatility. Remember, trade wisely and at your own risk. For more detailed guidance and updates, as well as other views, follow ForexLive.com. 🌐💡
This article was written by Itai Levitan at www.forexlive.com.