BTC/USD grinding up, intermediate target 12.5k
After the bearish breakdown BTC/USD has been consolidating at the bottom, now attempting to push past the former high. The daily still shows a neutral trend, though tentatively bullish, while the 30 min shows a clear bullish bias. Counts taken at the first trade area, around 11.2 showed a target of 12.5k based on the P&F chart. Since then it's been slowly grinding up and absorbing all offerings.
We're approaching a critical area now though if the entries were at the low 11k regions as long as the stops are set to break even there is little to fear, we can easily reverse the position if a daily scenario starts to play out on the daily or just sit tight and let price push past resistance.
We're approaching a critical area now though if the entries were at the low 11k regions as long as the stops are set to break even there is little to fear, we can easily reverse the position if a daily scenario starts to play out on the daily or just sit tight and let price push past resistance.
Comment:
BTC/USD decisively pushed down erasing the gains of the last 3 days. This puts the intermediate and minor trend firmly in a bearish state. We close our position at the top of the technical rally (the breakdown did not trigger our stops), and flip positions, opening a short at the top.
