Trade of the Week: Long Bitcoin
Published by Axel Rudolph, Market Analyst on March 9, 2026
Current Trading Opportunity
This week's trading opportunity focuses on going long on Bitcoin. The rationale behind this recommendation is that Bitcoin has recently closed above a significant resistance level that has been in place since early February. The current price level is around $67,750, and the suggested stop-loss is set just below the early February low at $60,090. The target for this trade is set at approximately $88,000, which corresponds to a previous resistance area where Bitcoin traded sideways in December.
Market Context
Despite recent geopolitical tensions in the Middle East, there appears to be a renewed interest in cryptocurrencies. This sentiment shift is contributing to the bullish outlook for Bitcoin. The analyst believes that the recent price action indicates a potential upward trend following the breakout above resistance.
Previous Trading Outcomes
In the previous week, the analyst refrained from making trades due to the volatility caused by the Iran war. However, the week before, a short position on the EUR/GBP was taken, which nearly hit the stop-loss but ultimately resulted in a successful trade, achieving a profit of about 3% as the currency pair declined to the target of £0.8650.
Year-to-Date Performance
So far this year, the analyst has faced challenges, with only two successful trades out of six attempts, resulting in a year-to-date loss of approximately 2.5%. The analyst emphasizes the importance of risk management, advocating for a maximum risk of 2% of capital per trade. This strategy allows for potential profits to outweigh losses, aiming for a double-digit profit by year-end even with a less than 50% success rate.