BTC/USD
Traders who followed our previous recommendations would have entered long positions around $3,900 and $4,120, levels marked on the chart via ellipse. Though both the positions are in profit and our target objective is $4,680, we recommend selling about 30 percent of the position at the current levels of $4,418 and raising the stop loss on the rest to $4,000.
BTC/USD
That way, our entire remaining position will become risk-free and we will also pocket some profit.
Our first target objective is $4,680, where we shall book profits on another 20 percent of the position because we expect some resistance to creep in.
If Bitcoin breaks out of the $4,680 levels, it is likely to retest the highs, where we plan to book profits on the remaining 50 percent of our original position.
On a fall, the digital currency will find support in the $4,000 to $4,165 zone. Once $4,000 level breaks, the virtual currency can extend its fall to $3,850 and thereafter to $3,600 levels.
