CoinMasterFlex

BTC on an uptrend? Possibly...

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
So it looks like BTC might be breaking out of the downtrend channel and forming an uptrend channel . This might be an opportunity to get in and lock some profits.

It has already retraced at the 61.8 fib level on wave 2 and it is forming another wave as we speak. I am unsure on how high it will go but it is possible for it to break the resistance on the yellow trend-line ( Ascending channel ). I am assuming that it will be a 1:1 fib extension and that wave 4 will retrace at about 23-38% since we have seen this behavior on the previous waves. I am anticipating for it to reach 1.618 after the 1:1 fib extension based on the 1:1 fib rule also because of the previous trends we have seen on BTC . Also looking at the RSI you can see a standard wedge and it clearly broke out of. The volume is a bit low for my liking but I will play this because I am confident in previous behavior.

I am going for a 5% gain here I will keep you guys updated.

*This is not financial advice*
*This is not educational either because my TA's suck* lol
*I am trying to get better everyday* :D
Order cancelled: I closed at 10,400 didnt go as I planned but thats trading for you.

I just broke even.
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