BTC showed a strong move off support at 100310 that is now looking to break above resistance of the bull-flag, which will signal the end of the decline. A daily break above 106800 is confirmation of the uptrend continuation, which should target ATH in the first instance. Following a pullback, BTC should then make its way to new highs, with a first target at 138000, which is a 100% extension from 74500, with a bull-flag mid-point.
Trades
Trades
- Long on a break above the descending resistance (close on the 30min chart)
- Add to long position on a break above 106800
- Reduce position size at 112000, to allow for a brief pullback or potential consolidation at ATH
- Return to 100% allocation on a solid close above 112000 or a pullback to 106800
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.