Bitcoin reached our 2nd target price at US$5,800 with current price at US$6,113. Our 3rd target price is set at US$6,300, of the current Mark Up phase.
One reason for the conservative target price is the low-volume breakout of from its re-accumulation zone between US$5,000-5,500, which indicates weak demand. Thus we'll need to be cautious when trading at current level.
We have forecast Bitcoin's "bottom" and price mark up till date since US$3,700 level. In addition to the money we made, the importance here is that as traders we need to learn to identify market phases, recognise price characteristics and trade in harmony with the market and smart money.
Join Us in our next FREE Introduction to Wyckoff Method Seminar to learn more about trading alongside the market and smart money.