Bitcoin- Traders should be careful with buy trades now

14 Oca 2023

Pretty quickly my target of 21k was reached and, as explained on Monday's post, my trade closed in TP with 1:4 R:R.
My optimism from now on is very reserved though... Indeed, we have a higher low in place and Bitcoin is well above 18k support, however, the last 3 days are marked by an almost 20% rise and a correction could follow soon.

Technically speaking, above 21k is the resistance zone and from this zone, a correction could start.



Looking at a 1-hour chart we can see a small consolidation that resembles a small pennant, so a new high is not out of the question, but, as I said, if you are not scalping the market, in my opinion, is not worth the risk of a buy trade.

In conclusion, I will look to buy around 19k and if is not dropping there it can go "to the moon" without me:)