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Btcforecast

Bitcoin → Broke Weekly Resistance! On to $46,000!? Let's Answer.Bitcoin has broken Weekly Resistance at $38,000 and raced to the top of the bull channel around $42,500. Now that the move seems to have played out, what is the next trade? How do we trade this? 🤔 If you're not already in a long, Do Not Enter the market. We're too close to the bull channel resistance, we haven't tested the previous Weekly Resistance as Support, RSI is over 76.00 and far above the Moving Average. We should remain bullish given the macro trend and that the top of the 2021 Trading Range at $46,000 is at the proposed Measured Move target. Best to wait for a pullback and find support again, likely around $40,000 at Bull Channel support. A bull signal bar and confirmation candle will give us the necessary probability to enter a 1:2 Risk/Reward Ratio Long. 💡 Trade Idea 💡 Long Entry: $40,700 🟥 Stop Loss: $38,500 ✅ Take Profit: $45,100 ⚖️ Risk/Reward Ratio: 1:2 🔑 Key Takeaways 🔑 1. Breakout from Previous High Support! 2. Bull Channel, Bias to Long. 3. Weekly Resistance Broken! Possible Measured Move Up. 4. $46,000 Measured Move Lines Up With Lifetime Resistance. 5. RSI over 76.00, Bias to Short for the short-term. ⚠️ Risk Warning! ⚠️ Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk! Like 👍 and comment if you found this analysis useful!
INDEX:BTCUSDLong
by TraderEngineering
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