BTC - Strong bullish momemtum
Updated
Hi all.
Long time since last post and a lot of learning in that time for myself personally and professionally.
This is my opinion only and I am already in trades / holdings for the long term that I am not touching.
We have seen BTC continue the upward pressure as the flag consolidates, both a conservative and stronger resistance area have been inked however I'm not going to pick perfect exit points.
If you were to trade this I would look to trade a full 4hr candle open and close above the ascending triangle.
The MACD has reset on the 4Hr and the daily MACD is nearing a cross.
The price action is strongly bullish and there is clearly a lot of money and buyers sitting on the side waiting to see if there is a breakout here.
Of course the other side is the retrace which will become more likely each time the bulls fail to break out.
The weekly momemtum supports a bullish move as well however this i a case of watching to see right now.
A pullback could be in the region of 4800ish.
Long time since last post and a lot of learning in that time for myself personally and professionally.
This is my opinion only and I am already in trades / holdings for the long term that I am not touching.
We have seen BTC continue the upward pressure as the flag consolidates, both a conservative and stronger resistance area have been inked however I'm not going to pick perfect exit points.
If you were to trade this I would look to trade a full 4hr candle open and close above the ascending triangle.
The MACD has reset on the 4Hr and the daily MACD is nearing a cross.
The price action is strongly bullish and there is clearly a lot of money and buyers sitting on the side waiting to see if there is a breakout here.
Of course the other side is the retrace which will become more likely each time the bulls fail to break out.
The weekly momemtum supports a bullish move as well however this i a case of watching to see right now.
A pullback could be in the region of 4800ish.
Note
Despite the timeframe being significantly distended the initial target has been met and the bullish momentum remains. The key level is the prior support turned resistance and this will be a key time to see the strength of the bull market.
As some others have posted here, when a trade and the market in general are calling one thing, the likelyhood of that happening makes for a profitable counter trade.
That being said, with such a significant level here, it will be a very strong bullish signal should BTC be able to hold above the key resistance level.
There are a lot of people calling for a pullback, and I agree this is both technically true and market sentiment calls for it, the contrarian viewpoint being that a short trade with the market will already be full and both exchanges that trade their own books and big players will look to 'pop the cherry' pushing past a likely short stop loss zone to wash them out.
I look forward to seeing what happens here.
What do you think?
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