COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Shown is the BTC daily chart . 6.8k range has proven to be a pretty strong resistance and price needs to recharge for another run. It's possible it retraces to the 6.1 - 6.2k range (61.8 of recent run) and springs from the very long term channel support (green dotted line) and breaks through the horizontal resistance zone . RSI is also recharging and looks to touch the black support line when price hits the noted buy zone. Just a note, a reversal at the buy-in range could set up an inverse H&S , though, nothing to hang your hat on.
Trade: Buy-in 6.1-6.2k range. First profit at 6.8k, second at 7.4k. Stop loss at 5.74k, raise to 6.35k after first profit.

...but what do I know, I'm just a space suit engineer, not a trader. Good luck!
Comment: Trade is looking good thus far. You can move your S/L up to $6379 and wait for a target near $6.8k if you'd like or take profit (6-8% depending on your buy-in) here at the base of the resistance zone. I expect a movement down near the 6.8k resistance. Here are my reasons: 1) RSI has formed a pretty defined expanding channel. It will get close to the top of that channel with another $150+ move. 2) There have only been 5 times in 7 months in which there were 4 green daily candles in a row, and all were followed by a reversal to the downside. 3) The trend is down until proven otherwise. This is a counter-trend trade, so we shouldn't get greedy.
...but what do I know, I'm just a space suit engineer, not a trader. Good luck!
Comment: Forgot to mention... Price will also be running up against the daily 50 SMA - hasn't been there since May. This will also provide added resistance as it tries to approach 6.8k.


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