Hello friends, the bitcoin price recently broke a significant long-term trend line at the same time it broke an important trendline on the RSI. The last 3 rallies have seen retraces of previous declines by 0.5 and 0.618 respectively. Thus, in going with a strengthening market, if price is able to break above the current resistance at 6800, I expect the rise to the .786 retrace to be rapid. If this scenario plays out, I then expect price to make a lower low before rallying again. ~6800 is the key level as can be clearly seen by the nearly horizontal resistance line.
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OMG that was beautiful!!!! LOok at the break!!! Fastest money I've made in a long time!
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Ladies and Gentlemen, BTC has so far failed to conclusively hold above 7500. My trading is always based on current market action, if you are long please move your stops up, mine are at 7315 and just missed being stopped out this morning, but that's perfection eh? I am considering taking my profits here, but do want to give it a bit more time.
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I'd like to re-enter at any retest of ~7500, it appears price will continue upward
