Hello traders as we can see with the BTC futures closing for we had an up move on the hourly chart and a very important one as we broke out of the resistance @7600 to 7700 .
So what we do now well it depends on the short term BTC is very bullish on the long term we are still bearish .
Things to consider inverse head and shoulder pattern broke up the target would be around 8100 witch coincides with the .38 Fibonacci retracement line as well so we still have plenty room on the upside.We just broke out of the 7600 7700 resistance level and a retest of this level would confirm a bullish pattern if the previous 7600 7700 resistance turns to support. A long at around 7650 with a profit taken at 8100 and a stop loss of 7500 would give us a ratio of 3 to 1 risk reward , On the long term view in order to be bullish we would need to brake the .618 retracement Fibonacci level witch sits around 9000/
Hope you have a nice trading session and remember this is not investing advice do your own research.
So what we do now well it depends on the short term BTC is very bullish on the long term we are still bearish .
Things to consider inverse head and shoulder pattern broke up the target would be around 8100 witch coincides with the .38 Fibonacci retracement line as well so we still have plenty room on the upside.We just broke out of the 7600 7700 resistance level and a retest of this level would confirm a bullish pattern if the previous 7600 7700 resistance turns to support. A long at around 7650 with a profit taken at 8100 and a stop loss of 7500 would give us a ratio of 3 to 1 risk reward , On the long term view in order to be bullish we would need to brake the .618 retracement Fibonacci level witch sits around 9000/
Hope you have a nice trading session and remember this is not investing advice do your own research.