Long

BTC Buy Zone

Updated

Shown is the BTC daily chart. 6.8k range has proven to be a pretty strong resistance and price needs to recharge for another run. It's possible it retraces to the 6.1 - 6.2k range (61.8 of recent run) and springs from the very long term channel support (green dotted line) and breaks through the horizontal resistance zone. RSI is also recharging and looks to touch the black support line when price hits the noted buy zone. Just a note, a reversal at the buy-in range could set up an inverse H&S, though, nothing to hang your hat on.
Trade: Buy-in 6.1-6.2k range. First profit at 6.8k, second at 7.4k. Stop loss at 5.74k, raise to 6.35k after first profit.

...but what do I know, I'm just a space suit engineer, not a trader. Good luck!

Note

Trade is looking good thus far. You can move your S/L up to $6379 and wait for a target near 6.8k if you'd like or take profit (6-8% depending on your buy-in) here at the base of the resistance zone. I expect a movement down near the 6.8k resistance. Here are my reasons: 1) RSI has formed a pretty defined expanding channel. It will get close to the top of that channel with another $150+ move. 2) There have only been 5 times in 7 months in which there were 4 green daily candles in a row, and all were followed by a reversal to the downside. 3) The trend is down until proven otherwise. This is a counter-trend trade, so we shouldn't get greedy.
...but what do I know, I'm just a space suit engineer, not a trader. Good luck!

Note

Forgot to mention... Price will also be running up against the daily 50 SMA - hasn't been there since May. This will also provide added resistance as it tries to approach 6.8k.

ripper_the_flipper

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