BTC Exceed $10,000
Updated
On my analysis we can see that BTC has now tried to push past the $10,000 point but has failed twice showing a strong area of resistance. I have also found a common bullish trend which on the most recent bearish engulfing candle has touched perfectly confirming how valid the upwards support area is.
My theory is that BTC will now consolidate shortly and then break beyond the $10,000 point followed by a retest to confirm that my theory valid. All of the arrows I've inserted onto the chart signify where the areas of support and resistance are and how multiple touches confirm the importance of these areas.
In terms of finding an entry I will be looking to enter a long position based on a bullish trend after touching the upwards trend line one more time for extra confirmation. My intended area to take profit will be just above the $10,000 and will look to enter another trade once it retests the $10,000 after breaking it.
My theory is that BTC will now consolidate shortly and then break beyond the $10,000 point followed by a retest to confirm that my theory valid. All of the arrows I've inserted onto the chart signify where the areas of support and resistance are and how multiple touches confirm the importance of these areas.
In terms of finding an entry I will be looking to enter a long position based on a bullish trend after touching the upwards trend line one more time for extra confirmation. My intended area to take profit will be just above the $10,000 and will look to enter another trade once it retests the $10,000 after breaking it.
Note
Weekly Update: Although we did not tap the bullish trend-line as expected, we have taken a bullish approach and have tapped the SR just below the $10,000 area.Still possible for BTC to tap the trend-line once more before breaking.
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