dRends35

BITCOIN - Close To Breaking Out

Long
INDEX:BTCUSD   Bitcoin / U.S. Dollar
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After a multitude of fakeouts there appears to be a clear change of character (CHoCH) here with a contracting fractal driving an impulse upward.

Price is holding well along the 30min20ma and shows there is structure to this move.

Notice the form is unlike previous price action that is fairly spineless. Also the sudden impulse and collapse with no foundation.

Until price makes a higher high HH there is still a good chance this will prove to be another fakeout and collapse, but the structure of this impulse shows BTC is probably getting ready for a impulsive recovery.

Also notice that price has hit the 1:1 fib ratio. This also suggests there will be some retracemnt before a HH is achieved.

Take a moment to looks at your favourite alts and see where they are. If they are close to making a higher high also - good chance they will surge if/when BTC makes a higher high.

Please note that I am bearish Bitcoin mid term and so any longs are risky because there is potentially a very long way down for ALL of these alts. I would not long BTC here. I am confident it has topped. I would only short BTC from here.

Not advice.
Comment: Price finds support on 1:1 and breakout is complete.

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