Sive-Morten

The only chart that we need

BITFINEX:BTCUSD   Bitcoin
Morning folks,

So, it seems that our suggestion on breakout was correct and now we need just one picture for discussion. All other near standing targets are completed, including our weekly ~21K target. Now the major picture is a monthly chart. Here we have strong target/resistance cluster, that includes 1.27 butterfly extension all time AB-CD target and monthly Overbought area.
Strong acceleration here suggests that we should go higher, to the next targets, but later. At first touch odds suggests pullback. If it happens as usual - 3/8 pullback to broken ATH around 20K seems reasonable. Thus, if you've missed entry before the rally, it would be better to wait for 23K target and then consider long entry on a retracement.

Now there are few things that you could do. We stand just 800$ till target, which is minor potential and we are at daily overbought. This combination hardly could be called as lucky. Still, as we have rally on 1H chart, it is possible consider catching of 3/8 pullbacks of the recent thrust for long entry with moving stops to b/e asap. It's a kind of DiNapoli B&B setup, those who 're familiar with it. But, if you're not brave and skilled enough (as me), it would be better to be patient and focus on 1st scenario...

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