Bitcoin Long Opportunity

Bitcoin has been ranging between 16000 and 17300 levels for the past 3 days. I think many people believed that the support for bitcoin at these prices was low, but it seems that these levels are being supported very well. Now that the market has consolidated here for a few days, I think it is ready to make a move up again. A possible trend line could take us out of this box and on up to new highs.

• Buy on clear break of 17500 on this chart
  
• Stop levels should be around 15500, but you could argue for stop limits around 16500 (I wouldn't do this because I would be afraid of a flash crash that would cancel my order with immediate recovery back to much higher levels)
  
• Profit levels should be 19500 and 21000
  

I would definitely say that this is a risky trade but it could be very profitable if it works out. I believe the CME release soon will induce some quick pumping that could make this trade for successful. Thank you! Happy Trading!

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