LONG TRADE IDEA. AFTER CATAPULTING ITS WAY THROUGH 2017, BTCUSD HAS BEEN IN A CORRECTION PHASE AFTER ACHIEVING MAJOR PSYCHOLOGICAL LEVEL $20,000. IT HAS BEEN STUCK IN RANGE OF 13K TO 18K FOR FEW DAYS NOW AND IS FORMING A BULLISH PENNANT STRUCTURE WITH MAJOR SUPPORT ZONE BETWEEN $12,300 AND $12,800. LOOK OUT FOR A POTENTIAL BREAK OUT OF BULLISH PENNANT STRUCTURE, AND RETEST OF TREND. IF AFTER BREAK OUT, PRICE CAN CLOSE ABOVE TREND LINE ON A DAILY TIME FRAME, LOOK TO GO LONG TP1 OF $18,000 AND TP2 OF $22,000.
Comment:
Bullish pennant broken, this trade is now invalidated.