MrInvertigo

Bitcoin looking for breakout

Long
KRAKEN:XBTUSDT   XBT / USDT
Bitcoin is testing it's current trend channel. A break above the top green line and I could easily see BTC reaching 15k in a matter of days (possibly hours).

On the daily chart , notice the trailing wicks I've marked with arrows. Think of them as strength indicators towards a trend in the opposite direction. The longer the wick, the stronger the push. Now notice AFTER the first 4, there aren't many on the top any more. This leads me to believe there's a lot of bullish pressure out there. Those large sells are being snapped up quickly.

The one I circled seems largely unresolved.

There's a good shot at breaking out based on current buying pressure and the good news in the space (PayPal accepting crypto, Square and other institutional investments being made).

Comments

Good analysis!
Reply
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