BitcoinLong
BTC/USD Price Action - Bullish Through Congestion...
*Fib Retrace & Extension based off: Low point $66,784 (Nov 4th), High point $108,389 (Dec 17th), Pulled back to $91,271 (Dec 30th). I'll maintain this range until price breaks above or below*
Looks like BTC got bought up when it skimmed the top of what I have as a Demand Zone...
The Horizontal Volume Bars show BTC fought its way through peak volume shelves + POC (Vol Point of Control) indicated with the thick Yellow Line, while breaking through a downtrend resistance line forming from ATH, to last couple of days... We have a nice strong daily candle today (Jan 6th), and we want to see it close above the 100K mark. This IMO will prepare us to battle up through prior ATH, and onto the next Fib extension levels included on the far right of the chart.
Feeling Bullish, as the price action looks to be forming a Bullflag breakout on Weekly timeframe...
If I were trading, I'd look to lock profits on longs, just below prior ATH, unless it's a Bullish Engulfing candle-type day, where I'd let the trade run up, with a Trailing Stop Limit order to close out the trade...
Thoughts & Questions welcome.
Happy Hunting!
Looks like BTC got bought up when it skimmed the top of what I have as a Demand Zone...
The Horizontal Volume Bars show BTC fought its way through peak volume shelves + POC (Vol Point of Control) indicated with the thick Yellow Line, while breaking through a downtrend resistance line forming from ATH, to last couple of days... We have a nice strong daily candle today (Jan 6th), and we want to see it close above the 100K mark. This IMO will prepare us to battle up through prior ATH, and onto the next Fib extension levels included on the far right of the chart.
Feeling Bullish, as the price action looks to be forming a Bullflag breakout on Weekly timeframe...
If I were trading, I'd look to lock profits on longs, just below prior ATH, unless it's a Bullish Engulfing candle-type day, where I'd let the trade run up, with a Trailing Stop Limit order to close out the trade...
Thoughts & Questions welcome.
Happy Hunting!
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