BTC: Channel break out. Get ready for a wild ride

We've broken our previous resistance of 8,900, are at our cash in line of 9,200, and now have officially broken the top of the channel (which is now acting as a support).

If we stay above 9,200 in the next 12 hours then there's a very good chance we're going to make a run up to 10k. Once we get confirmation this is an excellent place for swing trades for those so inclined.

After we try 10k...who knows. That one is a major psychological resistance point and what happens is anyone's guess. If I had to guess I'd say we drop back down to 8.9k, then make another run. But that's pure conjecture, and I prefer to go after concrete' info.

P.S. Those keeping track at home: Check out the bounce on that RSI line. The line has been in place for the past ~5 or so months. It's not always perfect...but we get a lot of direct hits.

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Looks like we're getting some temporary support at the middle of the channel. We'll see if it holds. If not, expect to test the bottom of the channel and possibly 8.9k.

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And back into the channel:

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8.9k still appears to be holding for now.

Either we break back up and try the bottom of the channel again (currently at 9,500), or we break below the support and risk dropping down to our next support at 8k.

This is a risky place to short term trade.

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Testing bottom of the channel. Either we bounce back down from here, or we make a run at 10k.

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Failed to break through. Back into purgatory we go. That said, the fact that we tried again bodes well for a test of 10k (which we'll likely fail the first few times).

We've also demonstrated that there's a new short term resistance level around $9,728. This has only been testing a handful of times in the past week so should be considered a weak resistance for now. But if we can't break through it then that would demonstrate some weakness in our bullrun.

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P.S. SMA is crossing EMA and WMA on the hourly. Which suggests it's time for a short term dip.

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First test of 10k failed. Which, honestly was to be expected. It's a massive psychological threshold. Will quite likely take a few more attempts before we can break it.

Until that watch for support at 8.9k as before. As long as that holds we'll continue to make runs at 10k, and breaking through is a matter of time.

Expect some pain in the next day or two however.

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Nice bounce off of 8.9k as expected. Next step is likely $9,725. This is an excellent place for a swing trade -- albeit a risky one.

If we break $9,725 we'll make another run at 10k. If not we'll come back down.

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Broke through our floor. This is a seriously bad sign (next strong resistance is at 7,500).

Let's see what happens in the next 12 hours, but as of now I'm expecting some pain before we make another try at 10k.

justsomeguy

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