BTC has broken out! Will it now to shoot up to 10,540?
Bitcoin has broken the resistance with volume of the downward falling wedge pattern (see earlier post). 5 min moving averages have crossed to the upside and since price has rebounded of the 21 week MA and 200 DMA and is heavily oversold it longs like a decent low risk long. Looks like we may see a bullish engulfing candle today on the daily chart and a rip up to test the cup and handle formation. I'm placing a stop loss at the daily low around 8400 target 10,500 with profit taking on the way up.
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