Position Leaning short term bullish.
BTC looks as if it's forming an ascending triangle here as it's moving up. Which is a good sign for bulls. We might get some sideways movement before the break out starts, but so far it's looking like it's going that direction.
How do you play it? The most important thing is we need confirmation with this breakout. Ideally we want it to test the 10k resistance point and buy back in once it pulls back to the 9k zone. If it moves up from there and breaks 10k, we should get a nice move to the 12k area. The risk we take is that we are buying at this support point in a fierce down market. It is possible that the 10k move is just a bull trap and we see it revert back to it's down trend. However, this 9k buying target after a break should prove to move to the upside at least long enough to get out with profits before a full push back down. It's important to be mindful of this, especially because just 1 year ago BTC was very low comparatively and lot of people are still seeing massive profits, anywhere in this area. I have drawn a couple possibilities that could happen, depending on what we see in the next week.
I will be sitting on my hands waiting for this one to play out and entering accordingly afterwards.
Happy trading,
-Sherem
BTC looks as if it's forming an ascending triangle here as it's moving up. Which is a good sign for bulls. We might get some sideways movement before the break out starts, but so far it's looking like it's going that direction.
How do you play it? The most important thing is we need confirmation with this breakout. Ideally we want it to test the 10k resistance point and buy back in once it pulls back to the 9k zone. If it moves up from there and breaks 10k, we should get a nice move to the 12k area. The risk we take is that we are buying at this support point in a fierce down market. It is possible that the 10k move is just a bull trap and we see it revert back to it's down trend. However, this 9k buying target after a break should prove to move to the upside at least long enough to get out with profits before a full push back down. It's important to be mindful of this, especially because just 1 year ago BTC was very low comparatively and lot of people are still seeing massive profits, anywhere in this area. I have drawn a couple possibilities that could happen, depending on what we see in the next week.
I will be sitting on my hands waiting for this one to play out and entering accordingly afterwards.
Happy trading,
-Sherem