Bitcoin went on a crazy pump last week, touching $14,000 at several points before dropping down and settling in the mid $13,000 range.
But, after falling through a support level at the top end of $13,000, Bitcoin is now looking to pullback a bit more and create the perfect buy zone for a fresh pump.
This is going to be very touch and go, but if it pulls off, this could be a long scalp that earns a nice bit of cash!
Here Comes the Dip
There has been a strong support line that originated in early October, and it’s been pretty faithful so far.
However, Bitcoin fell through it at $13,660 late last night, which is less than ideal for all the moon boys out there.
But, that simply means that we’re now heading for a bit of a dip and now could be a great time to fill your bags.
We’re expecting Bitcoin to drop as low as $13,100 in the next couple of days, with the potential for it to fall to $12,900 at its lowest point.
There’s a weak horizontal support level at $13,000, which should be enough to support this dip and help Bitcoin bounce.
If you can get in anywhere between $13,200 and $13,000 then you will have got yourself a tasty bargain.
Set a stop loss at around $12,860 just to cover your butt, as this support is weak. If the support fails Bitcoin will dip even further.
If the support holds, Bitcoin will bounce back with vigor and smash its way back to $13,800 and beyond, putting it back on the path to $15,000 for the end of November.
Where Should I Take Profit?
If you’re looking to trade this movement and take profit, rather than bag yourself some cheap Bitcoin to play at the best Bitcoin casinos, then we’ve got the goods.
If this tip pans out, then we’d suggest looking to take profit at around $13,900.
Placing a take profit up at between $13,800 and $14,000 should give you ample opportunity to walk away with a nice chunk of change from this move, providing your stop loss doesn’t get triggered.
On the other hand, if you want to hold on to your new cheap Bitcoin, then we’re likely going to see more gains in the mid to long term.
We’re already planning for Bitcoin to reach $19,000 by January 2021, and it’s a prediction that we still see as attainable.
The weekly charts are still shaping up nicely and the trendlines are still heading upwards.
So, you’re faced with two choices here, take profits now, buy the next little dip and repeat. Or, you can buy and hodl for a very epic start to the new year.
Hang on to Your Seat!
The next couple of days are going to be huge for Bitcoin, so make sure you’re in the game to win.
There’s going to be a lot of price action and a lot of FUD. Not to mention that transactions will start slowing down as more people swap between cold wallets and exchanges.
So, if you’re going to play this next move and trade, we suggest keeping your Bitcoin on an exchange this once.
You don’t want to miss out on a pump or a dip because of slow transaction times!