thiluxan_s

BTCUSD Major Breakout - Realistic Scenarios

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Possible scenarios for BTCUSD .

The outlook for BTC looks great at this very moment, especially on longer time frames.

It just broke out of a major long-term downward resistance channel (white).
Price is now holding near two key fib levels.

Things to note:
1. Pullbacks are inevitable, can be building support at 10k. I would look to buy dips near the 21ema and middle ma bollinger band rather than to try and predict possible tops.
2. We are still inside the yellow sideways channel that has the most price action for the past 2 years. Imagine a short-term rejection from here to rek all the over-leveredged longs while still building a healthy support before rallying again.

Not trading advice, just my opinion on the market. Good luck!

Comments

Wow!
+1 Reply
Great Analysis!
+1 Reply
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