Price recently broke the horizontal resistance zone, and has now retested the resistance as a new support.
Since then, price has had a short term correction to the previous horizontal resistance zone turned support. If price successfully continues to retest the previous resistance turned support, then I am expecting a minor impulse breakout move out of the resistance zone on the support retest.
I am expecting an up move after the correction of the resistance turned support, and for price to move up to 19300. When price hits 19300, I am expecting a small downside move, where there could be even more buying opportunities. But I will look at these other opportunities in the future.
Bare in mind that price needs to successfully move out of the resistance turned support zone before considering a position.
I will be updating this analysis closely as the trade progresses.
Comment
⋅
Since I posted this analysis, the trade has gone exactly how it was supposed to go.
Price had some further sideways correction after posting, but has since picked up steam in the form of a bullish engulfing signal.
Since the bullish engulfing signal was right near the resistance zone, I believe the candle can give enough momentum for the up move that we desire.
I will be watching for a buy opportunity, and I expect an up move to occur to my upside price target at 19180.
Trade closed: target reached
⋅
Target is approaching the target take profits level.
Well done to anyone who has been following this idea. We have had a move over $1,300 in just over 24 hours.
Like and follow for more ideas and analysis like this one.
Unbelievable, TA does not work :) it hit exactly 19257 CL, the target you posted in your 1st chart! Targets don't get any more accurate than that. Kudos.
TomProTrader
⋅
@alex527, Thanks, glad it helped. Have many more exact target hit ideas posted.
Feel free to take a look at my other content :)
mohisanisel
⋅
I finally found a guy who controls the BTC , good job man, good job!
TomProTrader
⋅
@mohisanisel, Thanks for your compliments. I hope my content is helpful.
JMF17
⋅
Thanks for that post Tom, very accurate! Do you expect a substantial downward correction after this ATH?
TomProTrader
⋅
@JMF17, Thank you! I really don't know. I will just trade what I see and not what I think.
Although, I bet we will get a correction eventually. And I expect it to land at 17660 (The previous horizontal resistance turned support) before more up move.
We will see how it pans out. I will be updating my analysis here, so stay tuned.
sundas
⋅
@TomProTrader, so you are saying that it's going to come down to 17k pretty soon, is that right?
TomProTrader
⋅
@sundas, I dont know when, but I reckon it could use 17-17.5k level as a correction level before a further up move.
hyperbit
⋅
@TomProTrader, I'm watching that correction to mid 17k to buy again.