BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTC is retracing once again before a final push up. Do not be scare...yet. BTC is now retesting the 200 MA on the daily frame after the second break out. It formed a harami pattern which suggests it will move sideways for few days. Also as you can appreciate in the 4h we are retesting the 50 MA which has been support for the last month. I do not expect great volatility for today, however, as the week begin I believe the move up will resume. As pointed out BTC touched the 48 - 49k which was one of the targets, I sold a very small portion of 5% and I am now re-entering back in. The momentum indicators are getting oversold, which is a good indication of a possible bullish move. I am placing a stop loss for this move below 43700, just to be safe as BTC is playing with a few important supports. I am waiting for the 54 - 58 k to start taking some serious profit, this was my last target, which I highlighted already 3 months again, you can check my old charts. Here I believe there will be a lot of profit-taking and sellers jumping in to start the NORMAL retracement move, down back to 40k, here I will load my bags again, like carzyyyyyyy, because after that I expect the 3rd impulsive wave to start...I will update you more on this on the next charts.
Remember educational purpose only, DYOR always.
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