TomProTrader

BTC/USD - Breakout Buy Opportunity

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
What's up traders, I hope you are all having a good start to the trading week.

Here we are analyzing BTC/USD on the 1D chart.

We have been keeping a close on Bitcoin             recently, as price has recovered well since it's lows on 6th             February at 6000.

At current, price is trading at 10651, significantly higher than my last analysis. Price had a correction after hitting side-wards resistance on 20th February at 11780.

Price will now likely carry on it's upside momentum to at least the daily side-wards resistance line at 11100. If price breaks this level, we should watch for a retest of the side-wards resistance turned support before watching for a new buying opportunity. If you are already holding Bitcoin             , the I suggest you do so until we hit the resistance. If it breaks down at the side-wards resistance level , then take profits.

I am expecting Bitcoin             to hit the side-wards resistance at 11100, have a small pullback, before picking up the necessary momentum to break out of the resistance structure. When this happens I am expecting a nice breakout move where we can expect to see Bitcoin             hitting highs of around 16800 in due course.

Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves at the side-wards resistance.

I will update this analysis when I receive above 40 likes.
Comment: Price has broken out! As in the above analysis I recommended buying at any pullback, so you should be realizing a very nice 8 percent profit in this trade.

Look for a sell out soon because it's likely to retest side-wards resistance as new structure, or even break down if enough momentum gets behind it.

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Good call dude.
For day traders
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Solid Ta.
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if i enter now, where should be my stop?
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what is the sell target, captain?
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Tom,
Nothing yet!
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Once this comment receives 75 likes, its content will be revealed.
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Nailed the 11100 level. Well played!

I agree re small pullback and then higher. We seem to have found support at a potential H&S on the hourly.

Also the potential handle of a cup and handle forming?
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support at 5-6k
thanks man
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