The long awaited rally to close out the year is about to start on Tuesday, and if you are one of those who has been looking for an opportunity to enter the buying or selling action, you might want to consider a Forex technical analysis of the Bitcoin price. You will want to know that it is possible to get a profitable trade and this means that you will want to learn when the top is likely to hit and where it is likely to end. After all, the top will not happen without the support and resistance levels that will hold it up.
For now, there are strong support levels that have existed from the very beginning. Since the launch of the system in January 2020, the support levels have held fairly steady at around the one hundred dollar area. The support level is not a floor and it does not offer any guarantees of stability. In fact, as this support level is being tested, the currency may test beyond it as well, but this would require a greater degree of prediction and accuracy.
However, the stronger support levels are likely to remain in place. If the price does manage to break out above one hundred dollars, then this will be a good time to cash in on it. Of course, this is not a guarantee, and you should not trade on emotion alone. If the price does continue to rise, then you may find yourself oversold but do not let this deter you from your trades. This will allow you to take advantage of the high leverage levels associated with these particular levels and turn them into profitable trades.
Another area where the support levels will continue to hold is over the four hundred and one dollar range. These levels have shown strong support over the last several weeks. These levels are unlikely to break through any time soon. As a result, this is a great opportunity to enter the market at a lower price, although this may be difficult in this environment.
When the support levels are broken, you are going to be in for a big surprise. The higher levels of support could go below the one hundred dollar level. However, this may not be as large a surprise as it first seems and you may find yourself getting involved in a profitable trade.
When the support levels are broken, it is a good idea to wait until another day or two before entering the market again. The high leverage levels will probably hold for quite some time after the current support levels disappear. It is a good idea to check back on the charts regularly to see if new support levels have been found to increase or decrease.