Bitcoin price forecast, why sell at $51500 – $52000, may decline to $38000 – $39000 ππ
The following video shows my opion and bitcoin price forecast with some trade ideas
- Current Position: Bitcoin hovers around $51,615, facing double resistance. π«π
- Market Movement: Recent break from a bullish pattern, now at a pivotal bearish juncture. ππ»
- Trade Strategy: Bearish bias with a stop-loss above $54,300 for risk management. ππ‘
- Position Sizing: Adjust size for an optimal reward-to-risk ratio; aim for meaningful profits. βοΈπΌ
- Profit Targets: First partial profit at a cautious 1.32 reward-to-risk, with a long-term aim below $50,000. π―π΅
- Adjustments: Refine stop-loss and targets for a potential average ratio of 1.65, enhancing trade viability. π§π
- Risk Mitigation: For non-traders, consider reducing exposure to mitigate risk at this uncertain juncture. π‘οΈπ
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. ππ‘
This article was written by Itai Levitan at www.forexlive.com.
