PrepForProfit

Bitcoin Target Reached & Resistance Test

Long
COINBASE:BTCUSD   Bitcoin
Bitcoin is back above $10k for the first time since October 2019 and has reached the expected target area shown in previous charts(yellow box). As a trend trader, I watch for new local highs in price and once they are made I move my stop-loss up to the last "base" that price made prior to making new highs. The most recent base for Bitcoin was made in early February as price tested the lower line of the uptrend channel(orange lines) for support and held, with the base level represented by the blue line. Any pullback that holds above the blue line near $9k should be considered as bullish, a dip below would be bearish and is why the stop-loss level rests just below the base in price that was made. The PPO is indicating a bullish trend with the green PPO line above the purple signal line with both rising.

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