Bitcoin Hit My $7600 Target | What’s Next for BTC and Altcoins?
Bitcoin provided several easy trade setups this week and now consolidates bullishly.
Happy Saturday, I’m here to serve your morning market and cryptocurrency analysis. I’ve mapped three consecutive Bitcoin trades for the Alpha Trades community this week, which have all yielded profit. I would recommend checking out our previous articles and videos for an in-depth analysis of why and how our community followed these trade setups. Let’s jump in.
I entered a long around 7180 on April 23 and exited around 7480 with 4.2% profit. Price continued to squeeze, but herein lies a lesson about trading strategy. When it comes to technicals, you have to know your game plan before you enter a trade. It’s okay to walk away and take profit, you don’t have to chase price to catch every move.
I then shared another long trade around 7475 with an exit near 7600. That was another 1.7% profit. At the same time yesterday, we saw another opportunity. When price came down to those same key levels (about 7474) in the range mapped out on lower time frames, I entered a third trade. I woke up this morning with another 1.8% profit as that position hit the target of 7600.
Bitcoin: Where are we and where are we going?
The hourly time frame is printing a head and shoulders pattern. I’d prefer to see these at the bottom of trends, but lately in crypto this pattern has worked out at the top of trends as well. What to pay attention to is that price is consolidating below key resistance, which is the block between 7600 and 8150. I think this is probably going to keep pushing up, but before that happens, bears may push price to the key support area around 7097, which is a level of consolidation that hasn’t been tested as support.
There’s a couple of different options to play. For now, I’m not in any trades. What I’m paying attention to are the equities markets, specifically the S&P 500. Bitcoin has been moving toe-to-toe with the S&P 500. Back to Bitcoin, yesterday’s daily closed as a doji (neutral), while today’s daily candle has a high chance of becoming an inside bar, hovering below the recent wick to 7800. I don’t see the price going higher than 7800 today, rather Bitcoin may consolidate into the weekend, then come Sunday when the CME futures (BTC1!) open, the real volume will come and potentially give some movement to the upside. CME futures open around 5pm Eastern Standard Time.
Based on the order flow books, there shouldn’t be much resistance all the way to 7750, where there would be enough resistance to potentially push price down. That could be a potential short (not investment advice).
Moving on to our forex setups, we shared an excellent entry on the EUR/USD pair this week. As mentioned in previous articles, I entered this trade at 1.087 and shorted down to 1.0775. The volatility in forex makes a fantastic playing field for people to make money. It’s also possible that you lose a lot of money, so be careful with your leverage when trading this market. I’ve had plenty of losers, which I always share with the community. We all incur losses at some point, the goal is to keep losses small and profits large on average, that way your income is higher than your burn.
In the last 24 hours, we’ve shared some impressive trading setups with the Alpha Trades community. However, I think this is a tough period for everyone. These are exceptional times and it can be difficult to make level-headed decisions in these market conditions. But rather than frowning upon the choices we’ve made, we can take some advice from Les Brown, a renowned motivational speaker:
“Accept responsibility for our lives. Know that it is you who will get you where you want to go, and no one else.”
Keep moving forward, stay humble.
I released some trade setups for altcoins this week. The following was released to community members earlier:
- Tezos (XTZ) may put in a high close to 2.82
- Ethereum (ETH) looks ready to hit 200–210
Every Sunday, Alpha Trades releases a video covering equities and the overall macro market picture. Last Sunday’s video was pivotal for the events that unfolded this week, so don’t miss this next analysis!
Information provided by Alpha Trades, LLC is not intended to be utilized in making any financial decisions and is not a solicitation, nor recommendation to buy, hold, and/or sell a particular product, digital asset, or ICO.
This article was adapted from our morning video, recorded at 8:40 AM, April 25.