Previously on BTCUSD:
Bitcoin formed a Bat-Pattern, closed at point D -> Bullish Movement estimated!
This low is the third confirmation of the green support line -> upward trend!
What's next?
Like i mentioned the Bat-Pattern is a bullish signal, so point D was a perfect buy opportunity (related link). I do believe Bitcoin is going up until it hits the next resistance of 8300$ (0.236 Fibonacci-Retracement). MACD is showing bullish momentum, too. Volume is needed to break through and can be a good indicator. The next major resistance is the red area between the 0.382 Fibonacci-Retracement and the 0.236 Fibonacci Retracement of the all-time high in December and the local low at 5800$. Two nearly overlaying retracement are called a cluster, which is usually a strong resistance.
Stop-Loss
-> No buy zone since I'm already bullish
-> Stop-Loss right under the green support line (at this time ~7600$)
-> First take profits may be played at the first resistance
-> stay tuned for updates on the momentum
This is not financial advice. If you want to know more about fibonacci-retracements, harmonic patterns and cluster, feel free to write me an PM.
Bitcoin formed a Bat-Pattern, closed at point D -> Bullish Movement estimated!
This low is the third confirmation of the green support line -> upward trend!
What's next?
Like i mentioned the Bat-Pattern is a bullish signal, so point D was a perfect buy opportunity (related link). I do believe Bitcoin is going up until it hits the next resistance of 8300$ (0.236 Fibonacci-Retracement). MACD is showing bullish momentum, too. Volume is needed to break through and can be a good indicator. The next major resistance is the red area between the 0.382 Fibonacci-Retracement and the 0.236 Fibonacci Retracement of the all-time high in December and the local low at 5800$. Two nearly overlaying retracement are called a cluster, which is usually a strong resistance.
Stop-Loss
-> No buy zone since I'm already bullish
-> Stop-Loss right under the green support line (at this time ~7600$)
-> First take profits may be played at the first resistance
-> stay tuned for updates on the momentum
This is not financial advice. If you want to know more about fibonacci-retracements, harmonic patterns and cluster, feel free to write me an PM.
Trade closed: stop reached:
support line got ripped with a lot of pressure -> stop loss got triggered.
