Sive-Morten

First test of weekly resistance

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Morning guys,

As we've suggested BTC continues upside action as it is free space above 5600 and till 6300-6400 area. But yesterday price finally tests weekly
K-resistance area for the first time.

It means two things. Daily/weekly traders should think about profit taking, at least partially and tight stops on the rest of position.

Intraday traders should use current top as a beacon of profit taking on intraday trades. As overall bullish momentum stands strong, we do not expect sharp downside reversal and market probably will spend some time around resistance with multiple attempts to challenge it. Thus, scalp long positions could be taken with target around recent top.

For example, now market could drop back to broken channel line, which is also 3/8 support and this is a point for scalp trade.
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