Bitcoin: Record Heights Remain Firmly in Sights for Traders

Robert Petrucci

BTC/USD made new record highs yesterday and remains within sight of these realms as speculators continue to pursue the cryptocurrency.

BTC/USD achieved new record heights while trading yesterday, moving towards the 69100.00 level. After creating a new apex, Bitcoin has slid with an almost calm manner and has been able to sustain the upper realms of its long-term price band. Speculative zeal remains fever pitched with BTC/USD and traders need to practice their risk-taking techniques with skill.

BTC/USD is trading near the 65350.00 ratio as of this writing, and traders should look at the price of the cryptocurrency to compare this written price to the actual market as they read. The ability of Bitcoin to move in large increments is widely known and as BTC/USD swims within its record heights, traders should keep in mind the nature of this volatile speculative asset.

Current support for BTC/USD could be suggested to be the 64500.00 level, but traders should note that is far away from the current market price. This underscores the potential of large moves in Bitcoin that can take place in the blink of an eye and it highlights the need for a conservative amount of leverage to be used while wagering. The broad cryptocurrency market continues to see a large degree of over exuberance in the short term and there is no telling when reversals lower which could be violent may occur.

Having pointed out the danger of potential downward moves, it needs to also be pointed out that trying to step in front of the current trend by selling BTC/USD could prove a keen way to cause harm to your trading account too. The trend higher in Bitcoin has been substantial and it should be remembered on the 29th of September BTC/USD was trading near 41000.00.

Traders of cryptocurrencies are accustomed to the idea of volatility and most likely they crave it. Intriguingly, because of the high value of BTC/USD, moves of 10% in one day are not as common as they used to be, but do not mistake Bitcoin for a calm trading ground quite yet. If current support levels are sustained and a stronger selloff near term is not generated, there is reason to suspect BTC/USD can continue to incrementally edge higher. The 70000.00 mark may not be hit today or tomorrow, but it is certain that many speculators are looking at this price and wondering if and when it will be attained.

Bitcoin Short-Term Outlook

Current Resistance: 66178.00

Current Support: 64470.00

High Target: 69700.00

Low Target: 61955.00

BTC/USD

Robert Petrucci
Robert Petrucci has worked in the Forex, commodity, and financial profession since 1993. Important aspects of his work involve risk analysis and advisory services. As an advisor in a Family Office he maintains a conservative approach for wealth management and investments. Robert also works in private finance with investors and companies delivering financial and management services.

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