After breaking higher this weekend and temporarily clearing the resistance zone , prices have been pulling back. This pullback has been constructive and has allowed for the RSI to cool off while the EMA's catch up. This pullback has set up a bull flag and secondary entry point with expectation of trend continuation. A daily close above $6420 would be needed to confirm the resistance break out and near-term support is at $6350. It would be bearish if prices undercut yesterday's open at 6330. I remain bullish on BTC -0.58% in the intermediate-term and use this price action as a directional indicator for my Alt trades. There are several similar pullback entries setting up on many of the large-cap names.
Comment:
Nice to see that it has held support and is bouncing now. Still needs to clear that next resistance level.
Trade closed: target reached:
The alts had a nice pump on today's breakout. I like to book gains into these moves. At minimum, raise the stops tight.