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Long

Cloud Calling Retracement - But Are the Bulls Ready?

OKCOIN:BTCUSD1W   Bitcoin / Dollar Forward 1 Week
405 2 7
This is the 4H cloud on OKC futures . I labeled the potential long entry based on Rob Booker's cloud method (for more see the Cloud and Exit post). Unfortunately, price broke out through the cloud before I had a chance to publish. I have labeled upcoming resistance levels with my arbitrary near term prediction. The current price levels at the time of this post had an extremely high probability based on the flat kumo ( 50% retracement fib) and price entry on the bottom of the kumo.

Interestingly, we painted a bull pennant within a larger bear pennant which has now broken up. I'm not sure how exactly to interpret this but I will lean bullish as we seem to have broken the bear pennant completely.
right on the money
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we broke above it appears. perhaps if we can eventually surpass 245/250 in 3-4 days...then may be this bull run can continue.
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