ethanmun
Long

Broke mid-term Fibonacci resistance

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1. Bounced off of low-of-the-day inverse cup and handle lid (purple line)
2. Finally broke the mid-term Fibonacci resistance with strong volume .
3. Currently trading around and retesting close-of-the-day inverse cup and handle . (orange)
4. No resistance upto 50 day moving average.


Resistance:
1. 50-day moving average $8570 as of today
2. Mid-term top trend $9000 as of today (If broken, Mid-term (4-month) bear trend reverses to bull trend!)

3. Log-term Fibonacci (68%) $9500 as of today
4. 200-day moving average $9600 as of today
5. Previous Resistance $11250

Support:
1. close-of-the-day inverse cup and handle $7920 as of today
2. Mid-term (4months) Fibonacci (68%) (which was a strong resistance previously) $6880 as of today
3.low-of-the-day inverse cup and handle . $6500 as of today
4. Mid-term (4 months) Fibonacci (32%) - $5000 as of today
5. Mid-term bottom trend - $3850 as of today


My idea:

1. Resistance #1 hits
2. Retest Support #1
3. Breaks resistance #1 & Bounce off of resistance #2.
4a) if falls below, 50-day moving average again, expect it to drop to Support #2
4b) if breaks, Resistance #2, shoots straight up to resistance #3 & #4 area which would act as double (strong) resistance.
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