BTC has successfully broken out of the downtrend channel by breaching (and closing above) the major downtrend line. When these breakouts happen, usually the price retests the newly broken resistance to try it as a support. -
Either it doesn't hold, then it turns into a fakeout and price goes back to revisit the lows, or...
The new support holds, then it creates a nice structure to build upon when going for the new highs (in our situation it looks like we've got this scenario, which is a very good sign)
First target: 11790 (previous local top)
11790 is also a starting point for a stronger resistance zone (11790-12376), and it's likely that a retrace might happen from somewhere within that resistance zone.
Once (and if) that resistance zone gets cleared, and BTC manages to go through it, we can look up to higher targets.
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Looks like a rising wedge is being broken. We might have a retrace to 10800.
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If this candle doesn't close inside the wedge (above the current resistance line), it should be an easy short to 10800 from here.
Textbook breaking down from rising wedge, then retesting the wedge as a resistance one more time before finally falling down.
Trade closed: target reached
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Both (bullish and bearish) targets reached. Now we wait and see if BTC can bounce from one of the fib retracement lines.
I just sold. All the big players I know tell me it's going to 4k this month or next.
eyupium
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@samiswilf, Even if it does, why sell here, just when it broke out and will most likely go to at least 14k?
Usually it's good to wait for signs of weakness, and then sell. Otherwise, you're missing out on lots of profits in these rallies.
Teruss2
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Thank you for your time. Helpful chart. I like to know targets. Not because I am lazy, I'm not. It helps me compare them to my own. I am new at charting
eyupium
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@Teruss2, You're welcome. We all learn from each other. Good luck with your trades!