BTCUSD Looks like we have a long opportunity on our hands at the moment.
Firstly this pair has been trapped / consolidating between $41,500 and $30,750.
Since we have struggled to break support at $30,750 I do expect the pair to bounce back to the resistance of $41,500, as you can see inside our consolidation region we have a descending trend line which is at the brink of a breakout.
I've clearly highlighted a minor zone of resistance in the colour grey that has been broken and retested making a higher low and a bullish candle closure above my moving average.
From all of this I am quite confident that this pair can rocket to $41,500 and if we break & close above, I do expect the pair to reach $49,500.
Firstly this pair has been trapped / consolidating between $41,500 and $30,750.
Since we have struggled to break support at $30,750 I do expect the pair to bounce back to the resistance of $41,500, as you can see inside our consolidation region we have a descending trend line which is at the brink of a breakout.
I've clearly highlighted a minor zone of resistance in the colour grey that has been broken and retested making a higher low and a bullish candle closure above my moving average.
From all of this I am quite confident that this pair can rocket to $41,500 and if we break & close above, I do expect the pair to reach $49,500.
Trade closed: target reached