sumastardon
Long

Bitcoin: XBTUSD Next Trade Points from Here

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
Bitcoin XBTUSD Next Trade Points

The break above the upper parallel at 3740 was a good one when it finally arrived, propelling Bitcoin to the first target range at 4018-4152 within a few minutes of the break. Volume was pretty good too.
Since then it's made a little flag before pushing higher still, triggering the next long shot from 4152 looking for further upside to the 4723-4765 range (narrowed).

It's pushing higher inside a pair of parallels once more.
The higher the volatility the more patterns it tends to make.
Now approaching near term resistance potential at 4379 and the upper parallel and likely to start consolidating again soon around here.
Should find support off the lower parallel when it comes off though.

Once it's consolidated a little more around here it should break above 4379 which should in turn attract more buyers still and take it to the next target range at 4723-4765.

The next long trade or add is from 44770 up to 5158.

Whilst Bitcoin stays inside the parallels this uptrend remains in tact and it can't really be shorted again until it breaks the lower parallel.

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