Over the past 24 hours I have been watching closely for Bitcoin to break through the 0.382 FIB retracement level. I am very happy to see the slow grind upward continue to break through major resistance.
It leaves us well positioned without being over extended, which is very important for a recovery.
Support has continued to move up and that is crucial in order to keep the momentum going. As we keep receiving more, and more confirmation that this bear market is over we should continue to see significant amounts of fiat deployed from the sidelines.
There is currently a bull flag forming that is pointing to $8,750. The next major area of resistance should be $8,900 - $9,000. I am still sticking with the $9,949 profit target.
Stop losses have been moved up to $8,044 which is just a hair under break even from my initial buy recommendation.
If you are not in a position then now could be a good time to enter long. $8,400 - $8,500 is the accumulation zone. If the price falls out of that area then it is time to re evaluate.
Happy trading and remember that following is free!
It leaves us well positioned without being over extended, which is very important for a recovery.
Support has continued to move up and that is crucial in order to keep the momentum going. As we keep receiving more, and more confirmation that this bear market is over we should continue to see significant amounts of fiat deployed from the sidelines.
There is currently a bull flag forming that is pointing to $8,750. The next major area of resistance should be $8,900 - $9,000. I am still sticking with the $9,949 profit target.
Stop losses have been moved up to $8,044 which is just a hair under break even from my initial buy recommendation.
If you are not in a position then now could be a good time to enter long. $8,400 - $8,500 is the accumulation zone. If the price falls out of that area then it is time to re evaluate.
Happy trading and remember that following is free!
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