BTC hit the upper part of the 7000-6750 support zone yesterday and is heading north since then.
This upwad movement was probably triggered by the bears that took profits in this area.
But a new bullish reversal is still not confirmed. In the chart you can see the retracement of the last bearish swing formed by the top at ~8600 USD and the low at 7000 USD from yesterday that shows up the 61,8% line at 8000 USD. This is the current target resistance that needs to be broken to move to the next level.
By zooming out we can apply the next retracement formed by the last top at 10,000 USD and again the 7,000 USD low.
Now, the 61,8% line is at 8,850 USD which would be the next bullish target to be broken in order to be able to test the 10k high.
Strategy:
ENTRY: 7,100 USD - S/L: 6,650 USD
TP1: 8,000 USD - S/L: 7,050 USD
TP2: 8,850 USD - S/L: 7,950 USD
TP3: 10,000 USD - S/L: 8,800 USD
I don't think that the bulls can take control already, and that there is a bigger chance for another leg lower before forming a new uptrend. This is just the strategy for a bullish scenario. If you are not already in this trade, don't trade long until at least one target is confirmed.
- chart data by Bitfinex -
This upwad movement was probably triggered by the bears that took profits in this area.
But a new bullish reversal is still not confirmed. In the chart you can see the retracement of the last bearish swing formed by the top at ~8600 USD and the low at 7000 USD from yesterday that shows up the 61,8% line at 8000 USD. This is the current target resistance that needs to be broken to move to the next level.
By zooming out we can apply the next retracement formed by the last top at 10,000 USD and again the 7,000 USD low.
Now, the 61,8% line is at 8,850 USD which would be the next bullish target to be broken in order to be able to test the 10k high.
Strategy:
ENTRY: 7,100 USD - S/L: 6,650 USD
TP1: 8,000 USD - S/L: 7,050 USD
TP2: 8,850 USD - S/L: 7,950 USD
TP3: 10,000 USD - S/L: 8,800 USD
I don't think that the bulls can take control already, and that there is a bigger chance for another leg lower before forming a new uptrend. This is just the strategy for a bullish scenario. If you are not already in this trade, don't trade long until at least one target is confirmed.
- chart data by Bitfinex -