amin786

1st TAKE PROFITS ZONE FOR BITCOIN

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Given the fact there's no previous resistance, price discovery has once again come into play.

I have identified a potentially strong profit taking zone where there could be a large sell off in the short term, especially given how strong this move up is.

The green diagonal line is strong resistance. This intersects with the R3 yearly pivot at $28,847.00. However given the momentum of this move i wouldn't be surprised if we got a wick go just past it to the Fib 2.618 extension which also the psychological figure of $30K ($30,513.00 to be precise)


I previously did another price target of 25k using the ascending triangle when BTC was still in it, however this was the minimum target as it always is when taking the wall of the triangle for targets.. Now that the true sentiment of the market has been realized I am 80% leaning to this analysis. Either way hold a core amount and sell a % at key profit taking levels in order to buy on pull backs to compound growth..