Stock markets around the world are currently struggling to maintain their current levels. Each time there is an upswing, the decline more than offsets the increase. Therefore, investors are turning to Bitcoin, where a massive upside is being anticipated within a few days.
Bitcoin was struggling around the $9,100 level just a day back. However, in an extraordinary turn of events, BTCUSD surpassed $10,000. I predicted a significant move in BTC in my last article. Here is the link to that.
BTCUSD short-selling: The perfect strategy to earn from BTC currently
Let’s first take a look at the BTCUSD daily timeframe. Source: TradingView.com
The Bollinger Bands signaled a surge in the volatility earlier. BTCUSD kept pushing over the upper band of the Bollinger bands. However, as soon as the price started falling, it gave the perfect setting for shorting Bitcoin.
The entry point for BTCUSD would have been just below $10,000, with a target of $9,742, followed by $9,583. RSI came down steadily after touching the 80-mark of the 20,80 RSI scale. The downward crossover of the MACD line confirmed the trade.
The first target is at $9,742, which is the level of the Exponential Moving Average of the Bollinger Band. If BTC falls below this level, the next target is at $9583.8, where lies a crucial support zone.
The long-term strategy for BTCUSD investors
It would be prudent not to chase Bitcoin now. The prices are already skyrocketing. For those long term investors who already own BTC, they should resist the temptation for booking profits now. And those who wish to invest in Bitcoin should wait for the BTCUSD to come down to a suitable price point.
