Gridcoin vs Bitcoin rebound plus interesting breakout formation

Mar 29, 2017

We can clearly see here that the support has been created around round number 500. It created false double bottom buy signal in December. Area between mid of February and beginning of March shows interesting formation when pair tried to break the support with negative results. There is second important level which is created by consolidated three GAP's on daily chart. I marked this area with first rectangle. Yesterday big bullish candle went thru 200 ema and all three GAP's. I would suggest to set SL just below 0.00000500(It is rare that the pair will go thru strong support just to bounce back again). TP is set around highest highs from September. I think that 0.00002000 level is reasonable as well.