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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About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
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