After a well-timed brief profit-taking exit, I'm personally back long again a few cryptos, including big daddy bitcoin. Higher timeframes remain bullish, pulling back into the upward channel (gray dotted lines) and with a bullish cloud twist on the 4hr ichimoku, there's a good chance this dip is very buyable. One could wait for a breakout on the RSI above the downward trendline before entering. Confirmation will be the orange lagging line clearing above the previous consolidation/flag (white trendlines) which price just re-tested, but has yet to close a week below. It may only be 1-2 pullbacks remain before resistance around 6-7k. Watch for potential resistance between 5100-5330. If we rip through this quickly, expect a pullback to re-test this zone eventually, at least once. I do personally expect we won't see above 8k this year, but it's bitcoin, so who knows. There will be plenty of swift bullish moves over the next few months and I plan to trade in and out regularly.
Trade closed: target reached:
Exited 6700. Nice trade, I'll buy again lower ;)