Economist and trader Alex Krüger says that Bitcoin is in the midst of a breakout that won’t take BTC to lower prices for some time.
In a post on X, Krüger says that $120,000 will most likely remain in the rearview mirror for the time being after BTC convincingly broke out to the $122,000 area.
Says Krüger,
“Some basics on short-term position management: 120K should not trade again, at least for a while, given the we just saw a breakout at 122k, where leverage picked up.
if 120k does trade again should expect a little leveraged flush-out there rather than for it to act as support. never think of round numbers as support, that’s what noobs do. that is why one was supposed to get in position *below* 120k, in anticipation of the breakout, as I was writing earlier this week.”
According to the trader, Bitcoin is signalling what is “highly likely the beginning of a trending market for crypto.”
“The main risk in trending markets is taking profits too early. The shift from ranging to trending can be difficult for traders, conditioned to exit after just a few percentage points.”
At time of writing, Bitcoin is trading at $122,068, up 11.5% over the last week.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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