MAGISTERSC

BTC/USD Ascending Triangle

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Buy BTC around 6290$. Stop Loss : 6070$

Our price targets are 7100$ and 7600$.
At around 7600$ bitcoin will retest the long term resistance line.

If bitcoin reaches 7100$ update stop loss somewhere above your buy price.

If bitcoin breaks through the long term resistance we need to see bitcoin go to at least 8500$.
If bitcoin is able to reach 8500$ without retesting the long term support line we could enter a bull market.

The time frame for this analysis is late August and early September.



Where do you think Bitcoin is headed ? Share your thoughts. Leave a chart in the comments.
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Trade active
Comment: Target 1 Reached.

Updated stop loss : 6600$
Comment: Price has moved slower than what I had anticipated. Looking to sell around 7480$.
Trade closed: stop reached: Stopped at 6600$. Profit 5%.

Comments

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