BTC looking to make a major move? Which way??
Updated
Bitcoin is currently looking to test previous resistance trend-line that has held since early December 2018. Will be monitoring price as we look to approach $4185 for a breach which if followed will set take profit 1 at roughly $4282 and if price action shows continuation a take profit 2 at $4368 which not only is a major spike zone region on a daily perspective but also the -0.27 Fibonacci extension target. Further downside potential is equivocally not out of the equation as signs of the march 28th candle could prove to begin a lower high and lower low set that will potentially break the support trend-line at $3982 which could shift bias of traders all around. A breach of the lower trend line would break the continuation and set us to head further to roughly $3650 region. My personal bias is rather neutral until price action can decide whether to tap/test $4182 or begin the reversal to lower fib levels before giving us a clearer image of what to expect going forward. Best of luck to all those in positions either way!
Trade active
Price has reached the upper trend-line at about $4197 at March 29th @ 4:00 AM UTC-4 with a close of $4187 as we expected and stated above. Bias on trade is now turned to the downside as I do not believe this move will bring the strength to show much further upside to $4282. Shorts are open at $4180 with targets of $3990 first. Stops located at $4300. Will update as we move onward. Peace and love for all those who are following. Positive feedback and constructive criticism are important and always welcome!
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