BTC is following channels/ trend lines like clockwork. You can almost call the candle in which its going to hit the channel. I called the break back down to 8100 almost within an hour from the top of the channel a few days ago. Now we have broken the channel and moved back into it sitting at the base. It has also went down and tested the previous support from the previous low. Are we going to make a higher high?? I would hate to call it here as we should not really break the major trend line and resistance 9-10K but this thing is looking more and more like the bulls actually have control. Risky traders could take a long position here. Everyone is saying double bottom bound to happen...even me before I woke up this am. But this chart has me doubting. I really thought we would go below 7700 but that 8000 wall was strong at 12am which is what made me place my stop down there (7719) Its really all about what happens when we get to that major resistance- trend line coming down (check out update for better view), EMA, FIBs....whole bunch of it. I jumped in at 8100 and had my stop loss at 7719, I am going to go ahead and lift that to 7820. Im risking a few hundred pips...satoshi's...whatevers for a 1000 to 2000 run at the least. I may even hold if we poke through all that mess we are about to run into head on. Two days ago I would tell my today self, 'your not being patient', but the action here is very strange and every hour its looking less and less likely for all those in cash that hope they will get another chance to buy low with the call for 'double bottom'. It sure sounds good to me (to buy more) but if this moves past resistance everyone sitting on the sidelines is going to make this run again. Of course all this is opinion and not financial advise. Good luck out there and trade safe.
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This is going to be tough to break!
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I wanted to mention I think the ETF contract closing lifts BTC this go around. Actually I think that is what is going to push us through the major resistance.
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That chart is the update to my point of contact call I placed earlier this morning. Lets see how close I got.
I forgot to mention greens are support and reds resistance. Sometimes I forget to change the colors. If we break resistance it becomes supports and if we break support it becomes resistance. Basic stuff here. If you are trying to 'trade' and you do not know this please just choose a good entry point and hodl. Learn from the guys/gals on here before you even think of 'trading'. This BTC monster has been easy trading. Big boys are starting to play and they are the musicians of emotional trading. Which equal losses for the small guys.