BTC/USD - A Spider's web of resistance, so where to now?
There's no sugar coating it. It's going to be a tough ride back for BTC.
External factors continue to plague the market sentiment but there's still money to be made in the middle.
We might be seeing the beginnings of 10% run towards 34K but I'd be anticipating a rejection at that point.
Personally I'm more interested in seeing where a potential rejection might land and the buying opportunity that may arise.
Jumping in on this breakout will be inherently risky but we called for 30K BTC in Feb and now have our wish so must consider this as a valid entry point.
Potential play would be ride to try ride BTC from here to 34K or consider an ALT coin that has historically piggy backed off BTC's gains if we can confirm a breakout.
I'd suggest being diligent with targets and not getting carried away chasing massive gains at this time.
I'd like to see a daily close above the trend line or better yet, a quick pump and positive retest to validate an entry price however I'll be using that validation to consider entries on the alts rather than an entry on BTC.
Most will be looking to either build, or recover from the last quarter so factor that in when setting margins to take profits. - For example you may consider small sell off's as lower targets are reached or implementing a trailing stop loss once a specific target is met to avoid a loss.
Keep in mind that the market remains in a state of fear and what would normally be small dips can easily compound and produce large sell offs.
Good luck!
As always, not financial advice,
Just my own thoughts and TA.
Thoughts and feedback welcomed.
Bingaz.
External factors continue to plague the market sentiment but there's still money to be made in the middle.
We might be seeing the beginnings of 10% run towards 34K but I'd be anticipating a rejection at that point.
Personally I'm more interested in seeing where a potential rejection might land and the buying opportunity that may arise.
Jumping in on this breakout will be inherently risky but we called for 30K BTC in Feb and now have our wish so must consider this as a valid entry point.
Potential play would be ride to try ride BTC from here to 34K or consider an ALT coin that has historically piggy backed off BTC's gains if we can confirm a breakout.
I'd suggest being diligent with targets and not getting carried away chasing massive gains at this time.
I'd like to see a daily close above the trend line or better yet, a quick pump and positive retest to validate an entry price however I'll be using that validation to consider entries on the alts rather than an entry on BTC.
Most will be looking to either build, or recover from the last quarter so factor that in when setting margins to take profits. - For example you may consider small sell off's as lower targets are reached or implementing a trailing stop loss once a specific target is met to avoid a loss.
Keep in mind that the market remains in a state of fear and what would normally be small dips can easily compound and produce large sell offs.
Good luck!
As always, not financial advice,
Just my own thoughts and TA.
Thoughts and feedback welcomed.
Bingaz.
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