BTC - Strong bullish momemtum
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Hi all.
Long time since last post and a lot of learning in that time for myself personally and professionally.
This is my opinion only and I am already in trades / holdings for the long term that I am not touching.
We have seen BTC continue the upward pressure as the flag consolidates, both a conservative and stronger resistance area have been inked however I'm not going to pick perfect exit points.
If you were to trade this I would look to trade a full 4hr candle open and close above the ascending triangle.
The MACD has reset on the 4Hr and the daily MACD is nearing a cross.
The price action is strongly bullish and there is clearly a lot of money and buyers sitting on the side waiting to see if there is a breakout here.
Of course the other side is the retrace which will become more likely each time the bulls fail to break out.
The weekly momemtum supports a bullish move as well however this i a case of watching to see right now.
A pullback could be in the region of 4800ish.
Long time since last post and a lot of learning in that time for myself personally and professionally.
This is my opinion only and I am already in trades / holdings for the long term that I am not touching.
We have seen BTC continue the upward pressure as the flag consolidates, both a conservative and stronger resistance area have been inked however I'm not going to pick perfect exit points.
If you were to trade this I would look to trade a full 4hr candle open and close above the ascending triangle.
The MACD has reset on the 4Hr and the daily MACD is nearing a cross.
The price action is strongly bullish and there is clearly a lot of money and buyers sitting on the side waiting to see if there is a breakout here.
Of course the other side is the retrace which will become more likely each time the bulls fail to break out.
The weekly momemtum supports a bullish move as well however this i a case of watching to see right now.
A pullback could be in the region of 4800ish.
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Despite the timeframe being significantly distended the initial target has been met and the bullish momentum remains. The key level is the prior support turned resistance and this will be a key time to see the strength of the bull market.
As some others have posted here, when a trade and the market in general are calling one thing, the likelyhood of that happening makes for a profitable counter trade.
That being said, with such a significant level here, it will be a very strong bullish signal should BTC be able to hold above the key resistance level.
There are a lot of people calling for a pullback, and I agree this is both technically true and market sentiment calls for it, the contrarian viewpoint being that a short trade with the market will already be full and both exchanges that trade their own books and big players will look to 'pop the cherry' pushing past a likely short stop loss zone to wash them out.
I look forward to seeing what happens here.
What do you think?
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