Break Hard?
Updated
I've had the larger channel in for weeks. As you can see, we've bounced along the lower bound for a while finally breaking through solidly in the past 24 hours. The question is: does the lower bound support become resistance?
I've included a few extra lines more pertinent to the next 72 hours. It appears that we are at an inflection point. I see a possible head and shoulders developing on the 4hr but the trend seems bullish. That said, we have a gap in CME futures between 54000-55000 (ish).
The (potential) right shoulder is presenting lower highs and lower lows with respect the the (potential) head and volume is decidedly bearish which would lead me to a 50100 target in BTCUSD, a breakout to the upside would portend new highs, but only time will tell.
Note: CME futures are closed until the Sunday Globex open due to Good Friday.
What do you think?
I've included a few extra lines more pertinent to the next 72 hours. It appears that we are at an inflection point. I see a possible head and shoulders developing on the 4hr but the trend seems bullish. That said, we have a gap in CME futures between 54000-55000 (ish).
The (potential) right shoulder is presenting lower highs and lower lows with respect the the (potential) head and volume is decidedly bearish which would lead me to a 50100 target in BTCUSD, a breakout to the upside would portend new highs, but only time will tell.
Note: CME futures are closed until the Sunday Globex open due to Good Friday.
What do you think?
Note
I advised others to get long BTC ahead of the Coinbase IPO and short at the open. I didn't trade my own advice. Nevertheless, we've hit my downside target. At this point I believe we either consolidate into the J expo or continue a break to the 41-43 range.I'm still extremely bullish through M. Looking at this as an opportunity to buy more calls going out on the calendar.
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