CaliG11
Long

Bitcoin Back to 10K?! (11% Potential Short Term Gain)

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Hello everyone,

Here is a quick analysis on Bitcoins current state. I have drawn out what seems to be a forming bullish pennant . We have very strong resistance around the 9000 mark followed by an upthrust in volume over the last couple of days resulting in the bullish push. US Taxes were finished, media seems to be pumping certain crypto, as well as the Elites hedge funds teaming up and "joining" the market, retailers jumping in, more of the general public is aware of the technology, I'm bullish af for crypto overall. The overall daily volume on BTC has been around the 7 billion mark in the past couple days, which in my opinion is a strong indicator of the bulls coming back in. We could be on the way to 10k as shown.

I have been long since 8100, stop loss set at 7750, targets set for 10k followed by a small pullback.

I do not want to believe that this is a fake bull run just to stop out the bears, however I will be analyzing closely and updating as well. We would need institutional buyers to jump in after pulling back to the 9500 area to continue our momentum.

BTC:
Long 8100
Target 1: 10000 (23.4% Profit)
Stop: 7750


I am not a financial advisor. I am not responsible for any loss/profit. However I am entitled to my own opinion, hit that like button if you agree with me!

I am also open to new ideas and perceptions so if you have anything good to implement post it up!
Comment: After breaking out and reaching a topside target of 9763, we pulled back and held 9k well.

Bouncing back, there was a lot of sell volume followed by the push from bears as seen on the wicks for the last couple days.

We need volume to push past 10k for a complete bull run into a breakout beyond, otherwise we are headed back to our overall bearish momentum.
Trade closed: target reached: Kind of late but we came through and jumped to almost the $10000 figure, missed our final target goal by a mere $10.00 not too bad, profits had to be taken though. Profitable target area was shown in yellow. Overall 20% gain, adding on the next dip to 6650

Comments

Kind of late but we missed our target goal by a mere $10.00 not too bad, profits had to be taken though
Reply
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