Yesterday I was very happy to see Bitcoin break out of the triangle in convincing fashion. I updated the post in the afternoon and said that I expected resistance from $9,700 - $9,800 where the 0.618 fib line was waiting.
I exited my margin long and am currently looking to re enter. I just drew the blue dotted trendline, and that illustrates one of the two options that I am planning for.
The most bullish would be continued support above $9,500 and a sideways move towards the blue dotted line.
The slightly less bullish option would be a healthy pullback to $9,200. That would retest the triangle that we broke out of as well as turning prior resistance into support.
I have orders set to buy in both of those areas and will be sticking with a stop loss just shy of $9,000.
If we breakthrough $9,800 before drawing down to the target entries then buying the breakout is valid. That would confirm the longer term cup & handle and/or inverse head and shoulders that has been forming since March. Price target for c&h is $12,825.
Happy trading and smash the follow...it’s free!
I exited my margin long and am currently looking to re enter. I just drew the blue dotted trendline, and that illustrates one of the two options that I am planning for.
The most bullish would be continued support above $9,500 and a sideways move towards the blue dotted line.
The slightly less bullish option would be a healthy pullback to $9,200. That would retest the triangle that we broke out of as well as turning prior resistance into support.
I have orders set to buy in both of those areas and will be sticking with a stop loss just shy of $9,000.
If we breakthrough $9,800 before drawing down to the target entries then buying the breakout is valid. That would confirm the longer term cup & handle and/or inverse head and shoulders that has been forming since March. Price target for c&h is $12,825.
Happy trading and smash the follow...it’s free!
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