19.12.201909:55 Forex Analysis & Reviews: Trading plan for Bitcoin for December 19, 2019

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Technical outlook:

Bitcoin dropped to 6430 yesterday, marginally lower than its previous fall to 6515 before reversing sharply. To continue our discussion from December 17, 2019, Bitcoin seems to keep the bullish structure intact. A potential bottom could be in place at 6430 level yesterday and a break above 7775 would confirm the same. Bitcoin is seen to be trading around 7100/10 levels at this point of writing; it has broken above the resistance trend line, entering the buy zone. Aggressive trading strategy is to initiate long positions here with stops at 6400 with initial targets above 7775. The conservative trading strategy is to remain flat for now waiting for prices to break above resistance at 7775/7780 levels first. Subsequent dips can be seen as opportunities to go long with a potential price target above 13800 levels.

Trading plan:

Remain long against 6400 targeting 7800 for short term.

Good luck!

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