Bitcoin has been on one crazy road over the past few weeks, but now it looks like it’s settled down and is ranging.
There are a couple of paths on the cards for Bitcoin over the next few weeks, and it’s important to take note of them if you’re looking to turn a profit.
One scenario could see Bitcoin push on for $14k, while the other side of the coin could see it plummet back out of the $10,000 area.
Two Paths. Nothing is Clear
Bitcoin has spent the last couple of days ranging, but trade volume suggests that there is a whole lot of action going on right now.
The bears and bulls are pulling with equal force, helping Bitcoin keep this rather nice range.
However, if one side breaks free and takes control, we could see Bitcoin move very quickly, with trade volumes already at peak 2017 levels.
If Bitcoin can make it to $12,000 and break through it, then it’s a straight shot to $14,000.
However, if it fails to make $12,000 and drops through $10,800 then we will see the bears take back control, pushing Bitcoin back under $10,000.
It’s All About Support and Resistance Levels Now
Sat at $10,800 we have the daily support level, keeping Bitcoin from dropping too low. As long as this continues to hold, then Bitcoin should manage to keep pushing the resistance located at $11,488.
There’s another daily support range holding place at $11,235, which will become more important as Bitcoin makes a push for $12,000 and on to $14,00.
There’s also a great deal of support for the bulls at $11,542, which will also play a key role in Bitcoin’s next upwards move. However, just below it at $11,488 there’s a whole lot of resistance, so if this support level doesn’t hold, then Bitcoin is going to tank hard down to the lower daily support of $11,235.
A Good Time to Trade?
If you’re looking to get some cheap Bitcoin to play with at your favorite Bitcoin casinos, or you’re looking to cash out some Bitcoin after a few wins, then your best bet is to place market orders.
We don’t often say this, but the way forward is so murky right now, it’s almost impossible to tell which way things will go.
Whatever happens, it will happen very quickly, so unless you’ve got a ton of trading experience, then we recommend just using market buys/sells.
This might not yield the best results, but it’s the safest way to guarantee that your buy order will go through before Bitcoin surges up to $14,000 or your sells take place before bitcoin drops to potentially $10,000.
If you are willing to take some risks, a sell order at $12,400 and a buy order at $10,115 could bring some interesting results, and hopefully a nice bit of profit.
But as we said, Bitcoin is heading on one of two paths, but which it will be is not yet clear, so do approach trading Bitcoin with caution at the moment unless you’re highly experienced.