MikeMoh

BTC breaking out the resistance !

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
in our last analysis, we talked about the importance of breaking out this trend line in order to test the major trend line , as we see on the 4 hour chart we did have a candle close above the trend line which is a good sign, but i personally need to see a DAILY candle closes above the trend. the price seems to be re-testing this trend line before taking off.

alternatively , if we fall to break on the daily chart we may head straight down to the major support trend line .

watch daily candle closely.
Comment: after retesting the minor trend RED we had a nice bounce , now we are at resistence area from 7000 to 7200, a close above that will give us a clear path to the Major trend line at around 7750-7850.
Trade closed: target reached: very nice and clean.
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