BTC knocking out multiple resistances - Trying (again) for 58000
After previously closing my short on 54500 (10 hours ago) based on my previous post, I have since gone long from 55500.
My current position before I soon close my laptop to visit the sleep island is at the moment, stop profit at 56666 (this is probably too conservative,56k is much safer, but I went 20x with quite a lot of money) and set for take profit later at 58888
As you can see BTC broke quite a lot of channel resistances within the last 2 hours and have killed the bear throughly in the 53k local support line. We now have 3 possible scenarios, all leading more likely higher bull in my opinion:
1. in the next 1 - 2 hours, BTC will cleanly break through the green channel resistance and goes all the way towards the so called genesis resistance of 59xxx, I recommend closing your long a bit further before this, probably somewhere around 58xxx
2. very soon (most likely scenario), a correction will occur, forcing btc revisit the purple channel support line somewhere between 54500 - 55000 before continuing its climb
3. BTC will after few hours of sideways, drop sharply back to 53k which signal further bear push (most unlikely imho)
If you are currently in no position, I recommend to either to wait for a clean break above 57200 & to long from there, or wait for a clean cut below 56300 before shorting. You can refer to my colored trend channels as guide lines on possible movement of btc, but do kindly remember they are nothing but guidelines, please trade carefully using your own meticulous consideration.
Thanks for visiting my post and hope it helps you one way or another. I wish you much profit in whatever path you choose tonight.
My current position before I soon close my laptop to visit the sleep island is at the moment, stop profit at 56666 (this is probably too conservative,56k is much safer, but I went 20x with quite a lot of money) and set for take profit later at 58888
As you can see BTC broke quite a lot of channel resistances within the last 2 hours and have killed the bear throughly in the 53k local support line. We now have 3 possible scenarios, all leading more likely higher bull in my opinion:
1. in the next 1 - 2 hours, BTC will cleanly break through the green channel resistance and goes all the way towards the so called genesis resistance of 59xxx, I recommend closing your long a bit further before this, probably somewhere around 58xxx
2. very soon (most likely scenario), a correction will occur, forcing btc revisit the purple channel support line somewhere between 54500 - 55000 before continuing its climb
3. BTC will after few hours of sideways, drop sharply back to 53k which signal further bear push (most unlikely imho)
If you are currently in no position, I recommend to either to wait for a clean break above 57200 & to long from there, or wait for a clean cut below 56300 before shorting. You can refer to my colored trend channels as guide lines on possible movement of btc, but do kindly remember they are nothing but guidelines, please trade carefully using your own meticulous consideration.
Thanks for visiting my post and hope it helps you one way or another. I wish you much profit in whatever path you choose tonight.
Trade active:
Good morning everyone. Looks like the 1st scenario played out, i am still holding my long. Rising stop loss to now 57900