For the first time in a long time, bitcoin seems to be breaking out of its most major bearish trend. With $210 support proving its strength, the bears will probably retreat to at least $260 in the coming weeks, right at the .382 fib retracement zone.
That said, price is unpredictable and trend lines sometimes aren't accurate to such a precise degree, so I'm looking for a buy in the low $230s with a stop below $230 and another possible area of support around $218. This is a largely speculative trade since it's based mostly on breaking the trendline, but it seems to be the right time for a good bull move with tight stop losses.
That said, price is unpredictable and trend lines sometimes aren't accurate to such a precise degree, so I'm looking for a buy in the low $230s with a stop below $230 and another possible area of support around $218. This is a largely speculative trade since it's based mostly on breaking the trendline, but it seems to be the right time for a good bull move with tight stop losses.
