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Bitcoin's Intermediate Bullish Horns point toward ~$9400On 26 May 2019 at 1600 hrs Universal Time, Bitcoin (Ref: Bitfinex; against the US Dollar) had a bullish breakout from the ~$7975 price point terminating at approximately ~$8787. At the time of this writing we can see here on the 4 hour chart that price is sitting at around ~$8758 and has been in a narrow downward consolidation since the 26th (3 days ago). This, to me, is obviously a bullish pattern but the size of the wicks is slightly concerning and points toward uncertainty. I imagine that this is related to the amount of time we have been in this intermediate uptrend. Regardless, we are riding a strong upward support, so any voluminous break to the downside could spell the beginning of a retracement which is beginning to feel a bit overdue. When we measure this pole, we get an increase of 10.2% or $812. This will factor into my target of course. If this indeed plays out as a continuation my target range of ~$9271 - ~$9394 should be reached by around 30 May 2019 at 0800 UTC (Given the resistance up at $9393.90). All this considered, I've place a discretionary stop-loss range of just under ~$140, giving the wicks a little wiggle room, and a risk to reward ration of about 1:5.
BITFINEX:BTCUSDLong
by JBenavidez