DLavrov

Bitcoin: The Resistance Zone Is Behind. What's Next?

Long
BITSTAMP:BTCUSD   Bitcoin
It is good that the close price of the daily candle is above the resistance zone. Find more details about this zone in my previous post from the related ideas.
What do we have now?

The market gave us a strong bullish signal. It is possible to open long positions now, if you like risk trades and the long term trading. Stop orders for such trades must be placed below the local swing low.
Profit targets should be 13 850.00 and higher resistance levels.

If you don't like risk trades and want to get more signals confirming the continuation of the uptrend, it is better to wait for a breakout above the main downtrend line. This line forms the zone which can stop and reverse the price one more time. But if the market can pass it, we will get a signal telling us about the strength of buyers.

Long positions also will be opened based on the breakout signal with stop orders below 10 000.00 and the local swing low. Profit targets should be placed at the most important resistance levels.

P.S. If you like to get an alternative point of view, which can be used for your trading, please support my work by your LIKEs. If you have questions, please leave them in comments.

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