In my very first idea on Bitcoin
, I mentioned that should hit a target of $6219. The low wasn't far from the target. When Bitcoin
was near $7000, I mentioned that it has reached a turning point. Over the weekend, I had wanted to call a long because of price consolidation as it was making it's way down. However, I was waiting for an impulse up-move before making the call. The recent move up is a confirmation that Bitcoin
(and other cryptocurrencies) is once again a very good buy. In fact, I will urge it as a buy-and-hold
. Of course, caution is still required and I suggest putting a stop below the recent low - just in case I am wrong.
The Stop-loss and Take-Profit shown is what I consider a good place for a first target. If there is a need, I will update when the time comes.