Bitcoin on the verge of breakout. Daily close above 43200 needed
While in our last update we discussed how BTC can take the 3D liquidity at 36900 if it doesn't reclaim above 38900. Fortunately for bulls we reclaimed that in next 12H itself. As of now BTC is seriously breaking out of the Daily downtrend. While nothing is confirmed as of now but the yesterday rejection from 43000 which was swopped instantly by buyers only point towards potential strength.
Today I took a long trade at 41570 with stop at 41150 and TP at 42390. It went nicely giving me net +2R.
A daily close for BTC above 42300 will point towards market structure break of D1 downtrend. Confluent with EMA 50/ EMA 100 breakout (12H). It will be a very good sign for bulls.
Bullish Case: Close above 42300 on incoming 12H in half an hour or by daily close. Hold the breakout and we see 44000.
Bearish case: Like yesterday Fakeout from the daily supply and we go to 40900 minimum.
As of now I am leaning bullish.
Today I took a long trade at 41570 with stop at 41150 and TP at 42390. It went nicely giving me net +2R.
A daily close for BTC above 42300 will point towards market structure break of D1 downtrend. Confluent with EMA 50/ EMA 100 breakout (12H). It will be a very good sign for bulls.
Bullish Case: Close above 42300 on incoming 12H in half an hour or by daily close. Hold the breakout and we see 44000.
Bearish case: Like yesterday Fakeout from the daily supply and we go to 40900 minimum.
As of now I am leaning bullish.