Potentially bullish setup in BTC
-Coming off a minor (2 month) break of trend
-Tested and found support near flash low of 2/6/18 near 5,800
-Rounding bottom/inverse head and shoulders near support
If BTC can get a strong close (full bodied marubozu, no bull trap) above recent tops which are nearest resistance (6,800 to 6,843), then I believe we may see a surge up to around 7,700 (along upward sloping trendline of previous support, now resistance)
-Coming off a minor (2 month) break of trend
-Tested and found support near flash low of 2/6/18 near 5,800
-Rounding bottom/inverse head and shoulders near support
If BTC can get a strong close (full bodied marubozu, no bull trap) above recent tops which are nearest resistance (6,800 to 6,843), then I believe we may see a surge up to around 7,700 (along upward sloping trendline of previous support, now resistance)
Comment:
Things shaping up for bullish breakout. If we can hold strong on the daily close, original price target near 7,700 very attainable
Comment:
Currently hovering around 7,300 (+9.5% on daily), assuming this doesn't all come crashing down, then I believe it will validate my previous notes regarding the inverse head and shoulders/rounding bottom near support, and should be indicative of bullish, constructive price action
Comment:
As expected, we saw price action up towards our target around 7,700 which marked a natural reversal point, as we met resistance along the upward sloping trend line from February. Now we may see a cooling off period, or a retest of the original breakout juncture around 6,843. If we see a retest of that prior breakout and there is support, with price action reversing upwards and resumption higher, the next level to watch for will be a break of the 7,600 to 7,700 level, between the tops of early June and our top from today.
Comment:
Forgot to attach chart to previous update. Looking for something along these lines:
