trader211
Long

Bitcoin Breakout Soon?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Looks like Bitcoin will break out soon. If it does I'm looking for it to convincingly break 7.4k and hold. If it can't clear this price then its likely it will test 6k again and may go even lower. Its still a bear market. On the other hand if price breaks out and makes a new high then it could be the beginning of a bull cycle. The breakout can go either way but fundamentals are strong so I'm bullish .
trader211 eduardokaykedasilva
@eduardokaykedasilva, Thanks for sharing. Looking at the bigger picture, on the weekly chart, it indicates price will fall to around 4.5k if the base that has been forming around 6k doesn't hold. 4.5k is also the double top that formed in Aug of last year, and it's likely to be the bear's next target if the bulls don't take control. It's possible we will see a dip to somewhere between 5.3k - 5.6k to get a bounce off the weekly 100 EMA, but 6k has been holding for a while now. If it breaks to the upside I'm looking for it test the weekly 50 EMA at around 8.7k.

However, long term trading with btc is easy. Scale in when everyone is screaming btc is dead, and everyone including myself is afraid to buy bitcoin. Then scale out after a new ATH when everyone is trying to buy and claiming it will moon 100x.

Here's my weekly chart.

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