RyanPal
Long

Need to break break this resistance for next leg up

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Position type: Long
Entry Point: $7400
Enter if: $7400 breaks upwards
Target: $8400
S/L: $6800
Comment: Entry condition validated, long position placed.

Lets see how this rolls
Comment: Bounced back from $7850,
Expecting it to go up again after hitting $7400-$7500
Comment: Rejected at $7400 for now, lets hope this doesn't turn around now.
Comment: Trade Closed, Target reached!
Comment: Trend reversed at $8500, looks like it may break the trendline pointing up at test support at $7400. Opportunity for a short position if it breaks below $8000
Any chance you'll look at the last wave's support and resistance, along with trading channels for this analysis? I like that you're watching support and resistance...thats big time stuff, but what about the older, more established supports and resistance for this trading area? Do they have any affect here?
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