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Cryptorg CEO Andrey Podolyan analyzed the bitcoin rate chart and told how much the cryptocurrency can rise in price before it continues to decline
The opinions of experts may not coincide with the position of the editors. “RBC-Crypto” does not give investment advice, the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Bitcoin price is in a downtrend. At the moment I don’t have an idea for transactions. However, there are ideas for placing pending limit orders, both for buying and for selling.
We are in a downtrend, so my first consideration is selling. Pay attention to my working layout from the trading terminal. Downtrend and price touches (yellow circles). These are the places where bears are especially actively involved in the work. The crowd reacts to the trend.
I think that the next time we touch the trend line, the breakdown will not happen immediately and it will be possible to play on this price rollback, this will be a classic work on the trend.
Trade idea:
- Sales from $38 thousand to $39 thousand (working volume can be divided into 3-4 parts);
- Stop at $41,000;
- Take profit in the region of $34-35 thousand.
The second idea is to buy from the horizontal support zone. It was there that the market consolidated in the summer after the fall in May, the level is still very strong.
- Purchase from the $31-30 thousand zone (working volume can also be divided into 3-4 parts);
- Stop — $28.5 thousand;
- Take profit — $35 thousand.
Part of the position can be left in the long term, in case of a breakdown of the trend line and a trend reversal.
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