XBTUSD(2H): Resistance in and around 3880 being raided
The pullback from 4200 had bulls in retreat but they managed to regroup just below 3700 where bears were surprisingly weak. A leg up has price consolidating in an ascending triangle which would indicate that continuation to 4000 should be expected. Resistance around 3880 has now been tapped 5 times since the rebound as well as a significant rejection on 28th February. Continued consolidation under this resistance should see sell pressure dissipate and if the trend line holds, a breakout towards 4000 can be expected in the coming days.
Current position: LONG, targeting next resistance at 4000 but if bulls can maintain control, really looking to retest 4200.
A break of the trend line and a test of the support at 3800 would suggest a NEUTRAL position would be more prudent - bulls will have failed to capitalise on a weak bearish action below 3700.
Current position: LONG, targeting next resistance at 4000 but if bulls can maintain control, really looking to retest 4200.
A break of the trend line and a test of the support at 3800 would suggest a NEUTRAL position would be more prudent - bulls will have failed to capitalise on a weak bearish action below 3700.
Trade closed manually:
Weak breakout of ascending triangle and eventually stopped out. Should really document targets and stops more explicitly in future.
Overall, while BTC has been unconvinced, there's been positive gains across alt-markets.
Overall, while BTC has been unconvinced, there's been positive gains across alt-markets.