Bitcoin- I always can be wrong
I will start by saying that I am a trader/speculator and I couldn't care less where bitcoin will be in a year, I am interested in where it could be in a week. I also know I can be wrong, that's why I use SL:).
A few days ago I was saying that I expect bitcoin to drop to 42k, this did not happen and my sell position closed in break even.
In retrospect, after bitcoin fell below the horizontal support level of 57k, it met the upward trend line that was at that time around 55, and the price returned again above 57.
Things seem to have cleared up at this moment and bitcoin is trading at 59 and seems determined for new ATHs.
From a technical point of view, as I said, the price returned from the upward trend line and this, together with the resistance line, forms a triangle.
I believe that the resistance of the triangle will be broken and bitcoin will continue its upward movement.
The measured target of the pattern is 68 and only Bitcoin under 55k would negate this bullish scenario.
Best Regards
Mihai Iacob
A few days ago I was saying that I expect bitcoin to drop to 42k, this did not happen and my sell position closed in break even.
In retrospect, after bitcoin fell below the horizontal support level of 57k, it met the upward trend line that was at that time around 55, and the price returned again above 57.
Things seem to have cleared up at this moment and bitcoin is trading at 59 and seems determined for new ATHs.
From a technical point of view, as I said, the price returned from the upward trend line and this, together with the resistance line, forms a triangle.
I believe that the resistance of the triangle will be broken and bitcoin will continue its upward movement.
The measured target of the pattern is 68 and only Bitcoin under 55k would negate this bullish scenario.
Best Regards
Mihai Iacob
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