BitcoinLong
BTC Breakout: Assault on 10k
Updated
So its another week and another BTC breakout.
I have been saying for months that we will head towards 10k this year and many have laughed.
Its incredible to me that people are still looking for some magic ABC correction - its just not coming yet.
The SME futures will drive a huge amount of liquidity to enter the market. i Recommend looking at what happened to gold and silver prices in the 2000s when trade adoption created a market for the commodity. The direction was up and it was some expansion.
BTC is now in price discovery mode and in my opinion it is crazy to try and take short positions and i strongly recommend against it unless for those other than highly experienced trades. Take profits and look to re enter when the market takes a pause. The trend is your friend.
In this incredible journey, we are likely to see some significant resistance at 10k for the simple fundamental reason that a lot of traders and investors are going to take some of their substantial profits. I have heard it directly from the horse's mouth that some of the top traders out there will sell significant amounts of their holdings at 10k. When this type of situation arises, it means that 10k will be difficult to achieve. So although this pennant breakout suggests 10.3k is achievable, i think a more realistic $9.5/6 fib extension mid term target is where i will look to take money off the table.
If we can consolidate at $9-10k then the assault on 20k begins.
Best,
filbiflb
I have been saying for months that we will head towards 10k this year and many have laughed.
Its incredible to me that people are still looking for some magic ABC correction - its just not coming yet.
The SME futures will drive a huge amount of liquidity to enter the market. i Recommend looking at what happened to gold and silver prices in the 2000s when trade adoption created a market for the commodity. The direction was up and it was some expansion.
BTC is now in price discovery mode and in my opinion it is crazy to try and take short positions and i strongly recommend against it unless for those other than highly experienced trades. Take profits and look to re enter when the market takes a pause. The trend is your friend.
In this incredible journey, we are likely to see some significant resistance at 10k for the simple fundamental reason that a lot of traders and investors are going to take some of their substantial profits. I have heard it directly from the horse's mouth that some of the top traders out there will sell significant amounts of their holdings at 10k. When this type of situation arises, it means that 10k will be difficult to achieve. So although this pennant breakout suggests 10.3k is achievable, i think a more realistic $9.5/6 fib extension mid term target is where i will look to take money off the table.
If we can consolidate at $9-10k then the assault on 20k begins.
Best,
filbiflb
Note
Break coming up. Coudl go wither way. Trade the triangle as usual. Note
Just a little more pleaseTrade closed: stop reached
Another day, another $Note
Not convinced in the upside as we are right now and i am out but if we do break up i expect something like this 
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