ToroMaximo

Bullish: BTC Ascending Wedge pre breakout

Long
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Price action honouring the bullish ascending wedge with a late Aug breakout to the upside forecast. There is still the potential for further downside (isn't there always ;) with a test of support around 10k possible. I still anticipate a breakout to the upside thereafter due to the huge institutional investment going on atm. The earlier fakeout above 12k led to $125m long liquidations on Bitmex alone, margin trading a risky proposition atm, my strategy still to HODL for the medium term. Finally, retail fomo on top of this strong institutional foundation should catapault the price beyond the predicted $100k easily next year. A clear exit strategy at that point will be key. More on that to follow.

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