DSchutz

BTC - 04/04/2019 UPDATE

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
See my previous updates from 4/2/19 and 3/18/19 for additional context and framework.

BTC is holding up very well, with three green body closes above 200-day MA and long-term primary resistance, the critical resistance levels I pointed out in previous updates. We may see a pullback or consolidation after such a large move (relative to recent price action), and that would be fine, and quite healthy. I often look for the breakouts that pullback and retest previous breakout junctures. If the retest holds, it serves as further confirmation of the break, and can be a great buying opportunity if you missed the initial break or wanted to wait for additional confirmation (the smart trade).

I think it is unlikely we see BTC surge another 15% in the coming days (from current price as of this post) and breakout above the next level of resistance near 5800. I think it is much more likely we see a consolidation or pullback, then resume higher.

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