On October 21, Bitcoin capped out at 6200. We pulled back 600 points to 5400, and shot right back up to the 6000 level, your typical V-reversal pattern in these cryptos - gotta love'em.
Now we have crashed up to that 6200 level once more, after breaking the consolidation range from the last week, and the question is -- DO WE BREAK OUT NOW OR LATER? It's not a matter of if, but rather when. The 2x fork is coming up in mid November and people want those air-dropped coins.
I would love to see some healthy consolidation here between 6000 and 6200 before we see a breakout, but as often happens, we might skip that phase all together and get on with the next leg up! It's a simple play, classic break of horizontal resistance. We've seen two attacks, and after a small pullback we should get the next one....usually 3rd or 4th attempts break support or resistance. Like a glass floor or ceiling being tested by a hammer. It's ridiculous how bullish the signs are right now, so there's not much that points to a stronger pullback.
Long above 6200
Target 1: 6500 (round psychological number)
Target 2: 6689 (161.8 Fibonacci Level)
Stop: Under 6000
If we fall back below 6000, then we'll probably end up range bound for a bit longer between 5800-6000.
---
!! PM me with chart requests !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Now we have crashed up to that 6200 level once more, after breaking the consolidation range from the last week, and the question is -- DO WE BREAK OUT NOW OR LATER? It's not a matter of if, but rather when. The 2x fork is coming up in mid November and people want those air-dropped coins.
I would love to see some healthy consolidation here between 6000 and 6200 before we see a breakout, but as often happens, we might skip that phase all together and get on with the next leg up! It's a simple play, classic break of horizontal resistance. We've seen two attacks, and after a small pullback we should get the next one....usually 3rd or 4th attempts break support or resistance. Like a glass floor or ceiling being tested by a hammer. It's ridiculous how bullish the signs are right now, so there's not much that points to a stronger pullback.
Long above 6200
Target 1: 6500 (round psychological number)
Target 2: 6689 (161.8 Fibonacci Level)
Stop: Under 6000
If we fall back below 6000, then we'll probably end up range bound for a bit longer between 5800-6000.
---
!! PM me with chart requests !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections, measured moves, support and resistance.
Successful trading means proper risk sizing and trading small so you can stay in the game.
Support me with these referral links:
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591
Sign up to TradingView charts:
tradingview.go2cloud.org/SHxi
Sign up for TastyWorks - The Broker of the Future:
start.tastyworks.com/
Twitter:
@BerlinTrader591