Now we have both respect of resistance and an oversold condition on the stochastics, going long on BTCUSD is favourable. When buying BTC now, a tight stop loss is required as the long term picture (daily chart) is still overbought.
Short term purchases are better supported, if the price continues to break above $5800 then we can hold on the position in hope of further trend continuation.
Stop losses can be moved to the entry price now as the price will either breakthrough current resistance around $5800 and trend will continue. If price falls back we can take a little short term profit or at least break even. Now we have a zero risk trade to potentially ride further trend development.
Trade closed: stop reached:
My trade has closed as a break even trade. The trend did not continue forming, as selling pressure is indicated in my other daily analysis. We still hold out, waiting for proper buying opportunities.