Bitcoin is on fire. It has been consistently rising for the past two days. Can this rally continue? We don’t have any existing positions in Bitcoin, should we establish one at the current levels?
BTC/USD
Bitcoin has reached a critical resistance level from the channel line. It has not been able to breakout of this channel since June of this year. A breakout of the ascending channel gives it a target of $8000, equal to the depth of the channel. However, this level is unlikely to be reached in the short-term. Therefore, we have to work with intermediate targets.
The breakout from the range of $5391.4 to $5875 gives the cryptocurrency a minimum target objective of $6359. If this level is crossed, then the next possible level is $6845.
Our higher targets will be invalidated if the virtual currency turns down from the current levels.
As the risk to reward ratio is not attractive, we don’t recommend any fresh trade. However, investors carrying positions from lower levels should keep a stop loss of $5600.
Once Bitcoin breaks out and sustains above the channel, the stops can be raised to about $5800 levels and then trailed higher.
On the downside, $5875, the earlier resistance, will act as a strong support.
Source: Bitcoin, Ethereum, Bitcoin Cash, Ripple, Litecoin: Price Analysis, October 21
https://cointelegraph.com/news/bitcoin-ethereum-bitcoin-cash-ripple-litecoin-price-analysis-october-21
via Blockfolio: http://goo.gl/Lqzhjr
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