kevinmolid
Long

Bitcoin wrestling with the bears! Will we see a breakout?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Alright. So I'm about to become very bullish on this market after what I believe has been a long and healthy correction.

We have already seen a breakout from the EMA 50, there is a clear bullish divergence on the MACD and the bulls are trying to push Bitcoin             ( BTC             ) past the neckline of the inverse head and shoulders pattern. IF(!) this happens, we have made it past a huge chunk of resistance and are likely to see a rise to the next major resistance at the EMA 200 and the last top of at around 10300 USD. If we break past this resistance we may even see a rise to the full potential of the head and shoulders pattern and the top of January 28th at around 12000 USD.

Never trade a pattern until it breaks out, and remember to set a stop loss to minimise losses in case the breakout looses momentum. Also IF the breakout happens, keep an eye on the trading volume , as higher volume is an indicator of a stronger breakout. If the volume is too low, we might fall back down even after the breakout happens.

And as always. Trade at your own risk!

Do you think we will see a breakout, or are we getting stomped by bears?
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