BTC/USD: Eruption Higher, Speculation And Head Scratching
Date
11/9/2023 2:20:34 PM
(MENAFN- Daily Forex) Let's get this out of the way quickly, I have not been correct about BTC/USD many times before and have certainly not been participating in the rally upwards within the world's most famous digital currency the past four weeks. As of this writing, BTC/USD is near the 36,800.00 level, and traders are urged to check the value of bitcoin as they read this article because price velocity has become lightning-quick.
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On the 11th of October BTC/USD was trading near the 26,700.00 level. It does not take a math degree to figure out that Bitcoin has gained a bit more than 10,000.00 in a little less than one month. Speculators who shake their heads in disdain regarding the gains made recently, because they have not participated in the move higher cannot be blamed. One burned, twice shy, but unfortunately with BTC/USD, it is a case often of ten times burned, not participating and Backers Saying 'I Told You So'
Again, I am not a backer of Bitcoin. I believe it is too dangerous and do not trust some of the fundamental questions I have regarding the digital asset. However, those who do believe in Bitcoin are in a happy state if they have profited. Day traders though still are confronted with the task of finding a situation in which they can comfortably trade BTC/USD. The fast moving digital asset needs to have entry points to get into a position safely. Risk management is essential, because – not to be a stick in the mud – as fast as BTC/USD can go up, it can also come down.
So what's next for BTC/USD? Good question and my answer is I do not know. Via technical charts BTC/USD has not traded its current value since May of 2022. And this occurred when BTC/USD was coming off of highs seen in March of 2022 near 48,000.00. And for speculative giggles let's remember BTC/USD was trading near 69,000.00 in November of 2021 Predictions and Risk Management
I have no bold predictions; I have been wrong about the current trend in BTC/USD and will remain out of the market. Some analysts are using the word parabolic – meaning they believe the speed of the upwards movement can actually gather strength. However, history shows us volatility has frequently been in the other direction too for BTC/USD and reversals lower can quickly take place. If you speculate in BTC/USD use risk management, conservative leverage and hope you are on the correct side of the trade. If you do achieve profits it may be a good idea to cash them out before whipsaw and violent moves turn your winnings into losses.
Bitcoin Short-Term Outlook:
Current Resistance : 37,710.00
Current Support: 35,690.00
High Target: 39,940.00
Low Target: 32,300.00
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