BTC Price Analysis: Isn't it time to book some profit?

14 thg 10, 2021

A driver should know when to drive faster and when to stop. Likewise, as a trader or investor, you should know when to cash your investment and reinvest.

Since July 2021, bitcoin added almost 28kof its value. Who bought BTC in July nearly returned double. Once bitcoin is considered a safe haven asset, but it is too volatile.

From July 2021, bitcoin follows a nice upward trend. Most of the time, BTC bounced from ascending channel support and retraced from descending channel resistance.

Bitcoin's all-time high is nearly $65000. However, the market is a bit away from its historical high. Most of the cryptocurrencies have spiked up in the last three months.

Several times 58k to 60k played as a profit-taking zone for the BTC. There is a word in the forex market that history repeat.

Suppose you want to calculate BTC with fundamental analysis like gold, silver, or other currencies. I think you can't because Bitcoin doesn't follow any specific fundamental factors.

As we trade BTC/USD, in 60/65% cases, you can use the U.S. economic reports as a fundamental divergence for the BTC, not more than that.

Anyhow, we can explain BTC's price movement with technical analysis. That is more than enough for speculative investors or traders.

All the cryptocurrencies, including bitcoin, have reached their profit-taking zone according to the pure price action chart that I usually follow.

Bitcoin price closed below the rising trend line. since several hours, the market has been trying to break the rising trendline. But it couldn't. So, if the daily candle closes below the rising trendline, we may see a significant drop from the present rate.

From the present rate, $58000/60000 is identified as a strong resistance. As long as below $60000, I recommend closing your buy order and waiting for any bearish chart or candlestick pattern.

If BTC confirms a bearish pattern from the current situation, there is a big chance BTC will drop from this level. Chrismas is not far away. So, anytime the stock market and crypto market can drop massively just for profit-taking.

I will recommend putting your stop loss above $65000 and taking a profit of nearly $50000. You want to survive in the investing market, and you have to know when to stop. I think it's time to cash your profit and wait for the next so that you can buy again at a low price.