Hey everyone! It's been a while since I've posted a new chart. Let's see if I can keep the perfect streak going. 2017 was a bull run for the record books. 2018 begins with an overdue pullback so hopefully you took profits along the way.
Good entry price @ $7,200-$7,300. Channel support, RSI & stochastic divergence, MACD, bullish harmonic, and a falling wedge pattern all point to a jump in price. Stop loss @ $6,950; adjust upwards with the price. Possible upside targets @ $9,200 / $9,700 / $10,200.
Good luck - strap in and HODL on!
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Quick update. Daily RSI + stochastics are sitting nice in oversold territory but previous signals on other time frames are slowly fading. Trend lines are barely holding but not much else to go on. The safe play is to wait for new signals at a lower price. This is now a bear market so don't fight the trend.
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Back on the right path. Bitcoin currently flagging out @ wedge resistance. If we break through plan on taking profits @ the top of the channel.
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BTC is still moving strong but the 200 EMA & top of the channel @ $11,000 is in sight. Expect to see a high volume spike to the upside @ channel resistance. Don't ever assume a channel breakout until former resistance is tested as support.
Be ready to take profits so you have cash on hand for the next good entry.
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Target hit. Closing this successful trade with a profit exceeding 70%.
@SumitJha, I personally don't set stops on most crypto trades because whales often shake the price & eat up stops before a big move. The 8 hour chart above is still good. After the next candle closes I'll post an update.