BTC - break-out from triangle in sight - long-term long
Updated
Hello bulls and bears,
As mentioned in the previous post, bulls are still strong right now and recovered from both, the last dip pre-halving and the Covid-19 panic sell. The weekly is looking extremely good, MACD cross and RSI breakthrough. The current fractal looks similar to the one of end of May 2019 (marked it with a yellow circle). If we manage to break the triangle and keep it as support, I am sure we will see the 20k end of this year. I can see us retracing a bit to the lower 9k to recharge the bull power.
In terms of trades, I closed my position at 9.7k during the last 10k rally and went in a long position again at around 8.4k. I am planning to hold the position now as it seems that we have a good chance of breaking through. I will take profits along the way until we reach our ATH where I think we will have a stronger pullback.
Bears should be really careful right now. People keep denying the current run and arguing that we need to go back as the Bitcoin halving FOMO is over. I think people were cautious already and we already shook out the weak hands during the last dip.
Happy trading to everyone.
This is an update on my previous post:
As mentioned in the previous post, bulls are still strong right now and recovered from both, the last dip pre-halving and the Covid-19 panic sell. The weekly is looking extremely good, MACD cross and RSI breakthrough. The current fractal looks similar to the one of end of May 2019 (marked it with a yellow circle). If we manage to break the triangle and keep it as support, I am sure we will see the 20k end of this year. I can see us retracing a bit to the lower 9k to recharge the bull power.
In terms of trades, I closed my position at 9.7k during the last 10k rally and went in a long position again at around 8.4k. I am planning to hold the position now as it seems that we have a good chance of breaking through. I will take profits along the way until we reach our ATH where I think we will have a stronger pullback.
Bears should be really careful right now. People keep denying the current run and arguing that we need to go back as the Bitcoin halving FOMO is over. I think people were cautious already and we already shook out the weak hands during the last dip.
Happy trading to everyone.
This is an update on my previous post:
Note
Three white soldier formation is established now confirming a strong bullish reversal from the previous dip.
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