You couldn´t predict what has happened this night. What I´ve expected was a prolongued fight between bulls and bears till the peak of the triangle and then a possible break-up out of the negative trend channel.
But what we got is much better, because BTC not only broke the trend channel but also the long descending trend!
I don´t know what caused this sudden movement; some are talking about short squeeze, others that BTC is now sharia-conform and so over 1 Billion people are allowed to trade in BTC.
It is now less probable that BTC will see new lows in next time. It is far more probable that it continues higher.
The next aim is the swing trend line at 8.300$, followed by another at 8.600$ and finally the fib retracement 23.6% at 9.100$.
Indicators are bullish, RSI in overbought zone. A reversal at one of the swing trend line could happen - but wouldn´t be harmful if BTC doesn`t fall back under the trend line (red).
As we have made our investments at 6.800$ we stay and hold until this positive trend is broken.
I´ve drawn a possible EW-scenario
But what we got is much better, because BTC not only broke the trend channel but also the long descending trend!
I don´t know what caused this sudden movement; some are talking about short squeeze, others that BTC is now sharia-conform and so over 1 Billion people are allowed to trade in BTC.
It is now less probable that BTC will see new lows in next time. It is far more probable that it continues higher.
The next aim is the swing trend line at 8.300$, followed by another at 8.600$ and finally the fib retracement 23.6% at 9.100$.
Indicators are bullish, RSI in overbought zone. A reversal at one of the swing trend line could happen - but wouldn´t be harmful if BTC doesn`t fall back under the trend line (red).
As we have made our investments at 6.800$ we stay and hold until this positive trend is broken.
I´ve drawn a possible EW-scenario
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