Bitcoin's price upside momentum intact
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Analysis: Bitcoin's price upside momentum is still intact.
1. Clean breakout is due to short squeeze of short position.
2. Healthy retracement is henceforth expected for further upside movement. (this is the part that amaze me as buyers are more cautious than before; less greed)
3. Good volume indication that buyers are committed to maintain price above breakout even when sellers start coming in.
4. I have reduced long position when price broke above 30400. I am planning to further reduce my long position when price touch 31250.
5. I anticipate growing resistance when price is in 31662 range.
Would love to hear your thoughts in comments.
Analysis: Bitcoin's price upside momentum is still intact.
1. Clean breakout is due to short squeeze of short position.
2. Healthy retracement is henceforth expected for further upside movement. (this is the part that amaze me as buyers are more cautious than before; less greed)
3. Good volume indication that buyers are committed to maintain price above breakout even when sellers start coming in.
4. I have reduced long position when price broke above 30400. I am planning to further reduce my long position when price touch 31250.
5. I anticipate growing resistance when price is in 31662 range.
Would love to hear your thoughts in comments.
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