Bitcoin Targets $26,000: A Trader’s Plan

Bitcoin is projected to hit $26,000 – $26,400.
The MA200 weekly indicator plays a significant role.
Traders are advised to maintain a mixed position.

Bitcoin’s recent tumble from $29,500 was predicted spot on. Now, the crypto giant is inching towards the anticipated $26,000 – $26,400 range. At this price point, Bitcoin could tap into the $300 billion liquidity pool.

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Notably, the MA200 (Weekly) line also lurks around this area. This indicator is a key litmus test. It usually tells us if Bitcoin is in a bull or bear phase.

Source : https://twitter.com/DrProfitCrypto/status/1656736687702016014

So, what’s the game plan for traders?

First, place long orders between $26,400 – $26,000. This move anticipates a bounce back in Bitcoin’s price. Second, take profits from most of the short position. This position was opened when Bitcoin was at $29.5k. However, keep some of this short position open.

Why?

If Bitcoin breaks below the MA200 (Weekly) line, it’s a signal. It may be time to close long positions. Having a short position open can offset losses from the long position. It also allows you to profit if Bitcoin continues to fall. Remember, a large liquidity pool sits at the 22k region.

In the upcoming days, the market will keenly watch Bitcoin’s encounter with the MA200 weekly line. This event could be a major market mover. Traders should stay alert for updates. As always, informed trading is the key to success in the volatile world of cryptocurrencies.

Disclaimer: This article does not constitute financial advice. It’s solely for informational purposes. Always conduct your own research and consult with a professional before making any investment decisions.