Bitcoin is on it's way up, and I've seen a lot of speculation as to why. The answer is extremely simple, look at the daily chart.
You will see the downward trend line that started on January 7th is on the verge of being broken and most likely will be broken.
Smart money will sit on the sides until the daily candle closes above 8,600, but there are a lot of people trying to get in before the smart money, and are willing to take a bit of a gamble - hence the price jump!
If you decide to get in before the herd, do so with caution and with a stop loss in mind. If the candle closes below 8,600, then it's just another candle confirming the continuing downtrend.
You will see the downward trend line that started on January 7th is on the verge of being broken and most likely will be broken.
Smart money will sit on the sides until the daily candle closes above 8,600, but there are a lot of people trying to get in before the smart money, and are willing to take a bit of a gamble - hence the price jump!
If you decide to get in before the herd, do so with caution and with a stop loss in mind. If the candle closes below 8,600, then it's just another candle confirming the continuing downtrend.
Trade closed: target reached:
Targeted was reached forming the perfect base to the green arrow. Hit 'play' on the chart to see.
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.