Bitcoin has been very up and down over the past few weeks, making the future rather hard to predict.
We’ve been studying the charts and it looks as if we’re in for a bumpy ride over the course of the week, with lots of volatility coming to Bitcoin.
Volatility is great for traders that are looking to make quick profits, but if you’re not careful and set up your trades properly, you could get burnt pretty badly.
A Potential Huge Upside
A period of increased volatility is exciting as it means we can see huge swings in the space of an hour, taking Bitcoin from $9,500 to $11,000.
But on the other hand, Bitcoin can also crash down from $11,000 to $9,500 in the same period of time.
With resistance levels set up at $9,800-$10,000 and another at $10,300, breaking these could be key to a huge upwards movement.
If the volatility is on the side of the bulls and Bitcoin breaks through $10,300 while volatility and trade volume is high, we could see Bitcoin make it all the way to $11,000 in one swift push.
It Could Go the Other Way
As with periods of increased volatility, it’s very hard to tell what’s around the corner. Markets can shift in a matter of seconds.
If Bitcoin gets rejected and fails to break through the $9,800 resistance level, we could see Bitcoin collapse back down to the support zones in the mid $8,000 range.
There’s a lot of support between $8,650 and $8,260 and we could see Bitcoin stop here if it starts tanking hard thanks to the volatility.
This is going to be a very volatile couple of weeks, so if you’re going to get involved with trading, it’s best to be very cautious.
How Can I Maximize My Bitcoin Casino Profits?
If you need to top up your Bitcoin wallet or cash out big wins, the news of volatility could be rather ominous.
Your best bet for now is to just place your trades at market price and accept the current rate.
The volatility is going to be too high to be able to put a decent prediction in place like we have done in previous weeks.
If you’re not in a rush, you can place limit orders to sell and buy when the price rises and drops to levels that are perfect for you.
If this is something you’re interested in doing, we recommend placing a buy limit at $9,100 with a stop limit order at $10,200 – presuming you’re not going to play at a Bitcoin casino with this Bitcoin.
On the other hand, if you’re looking to sell your Bitcoin, we recommend you place a sell order at the $10,000 mark.
However, if you’re in a rush to offload that Bitcoin, $9,500 is a pretty good price for Bitcoin at the moment, especially given the volatility that’s starting to creep in.
Whatever you do, play it safe during this period of volatility. Your best bet is to ride it out and just carry on playing with your Bitcoin at the best Bitcoin casinos.