Bitcoin is hovering around nicely, meaning that a big move is due any time soon. Greed indicators are pointing to the greedy side which can potentially be bad for Bitcoin.
However, if you’re set up properly then there’s a good chance for you to make some good profits for you to then take to your favorite Bitcoin casino.
Good Profit to Make
In the Bitcoin trading world, there are often golden opportunities where you can make a bundle of cash in a short space of time.
If you’re set up correctly and managed to get in at the right prices, there’s a fair few bucks to be made in the current market.
The fib retracement levels of Bitcoin on the 1hr chars are setting up nicely, putting our ideal buy zone between $11,660 and $11,720. This might seem tight, but if you place your orders ahead of time, they should trigger.
There’s also a lot of support down at $11,550, so place your stop loss here to prevent any major losses.
On the other end of the scale, you’re going to want to place a take profit trade around $11,900 and set a second take profit at $12,000.
This is the current optimum strategy for Bitcoin if you’re looking to trade and make a bit of cash.
The Tables Can Still Turn
Obviously, don’t take this as financial advice and enter into any trades with caution as the tables can turn at any second.
Bitcoin is a manipulated market and whales do dump huge amounts of Bitcoin on open exchanges, impacting the price.
This is what I personally believe to be the optimum setup for a Bitcoin trade right now. The scene could change in a few hours based on what happens.
If Bitcoin does take a negative turn and heads down towards the stop loss level, if that support doesn’t hold then Bitcoin could drop back down to the $10,800 level, with potential for even more movement downwards on the cards.
As I said earlier, Bitcoin is still rather manipulated, so do take this advice with caution because it takes one whale to change everything.
Play It Wise and Look After Your Bitcoin Pot
Obviously, you don’t need to heed this advice, you can leave your Bitcoin in your Bitcoin casino wallet or on your hardware wallet and ride out this next play.
For those of you looking to sell Bitcoin and take a profit from your Bitcoin casino winnings, simply do the opposite of these tips.
Set up a sell order at $11,900 and a second sell order at $12,000 – go heavier with the first sell.
This will give you the best opportunity to cash in your winnings and get more bang for your buck.If you want to buy back in to get more Bitcoin casino action, use the buy zone and stop loss zones as two buy targets for your buy orders.
Whatever you pick to do, make sure you’re careful – Bitcoin can be a harsh mistress