Hi Friends.
Trade Setup:
After a quick period of consolidation after the "tether" noise. It looks like my friend Bitcoin is about to move higher. Despite the tether issue on bitfinex, Bitcoin has refused to drop lower as "bulls" have come in around the 6380-6400 range to buy up the coins. Bears are losing some control here and today have lost the short term battle to move lower.
Since breaking to the upside of the bullish pennant and successful retest, I expect to see another leg up.
My current target is set at 6745. Be on the lookout for volume to increase in the next few hours.
Any break below the top of the pennant will invalidate this trade.
Happy Trading :)
Keep Calm and Crypto On.
Trade Setup:
After a quick period of consolidation after the "tether" noise. It looks like my friend Bitcoin is about to move higher. Despite the tether issue on bitfinex, Bitcoin has refused to drop lower as "bulls" have come in around the 6380-6400 range to buy up the coins. Bears are losing some control here and today have lost the short term battle to move lower.
Since breaking to the upside of the bullish pennant and successful retest, I expect to see another leg up.
My current target is set at 6745. Be on the lookout for volume to increase in the next few hours.
Any break below the top of the pennant will invalidate this trade.
Happy Trading :)
Keep Calm and Crypto On.
Comment:
Since the false breakout yesterday. It would be wise to wait and see for a clean break above the pennant before moving into a long position.