Follow up to prior BTC USD post. Appears bullish option of that post is playing out now.
Two possible scenarios for BTCUSD here. May get a drop to ST lower channel line to retest 9500 area before a run to test upper channel 12000-12200 area. (most likely)
Break of short term rising trend line and probable ABC correction to end with test of FEB lows.
Right now momentum is up and short term trend is bullish so stay with bullish trades until trend is broken, targets reached or warning signals appear.
My post on BTC 4hr futures on Feb 12 Showing break of rising pennant pattern gave a long buy signal at 9181
Target zone 12200 to 12800 or top of channel. Begin to take profits, tighten stops or monitor closely for reversals as nearing "target zone"
Two possible scenarios for BTCUSD here. May get a drop to ST lower channel line to retest 9500 area before a run to test upper channel 12000-12200 area. (most likely)
Break of short term rising trend line and probable ABC correction to end with test of FEB lows.
Right now momentum is up and short term trend is bullish so stay with bullish trades until trend is broken, targets reached or warning signals appear.
My post on BTC 4hr futures on Feb 12 Showing break of rising pennant pattern gave a long buy signal at 9181
Target zone 12200 to 12800 or top of channel. Begin to take profits, tighten stops or monitor closely for reversals as nearing "target zone"
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EDIT: the "drop to lower trendline" would be 9600-9800 range most likely,
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Prices have broken from flag and pushed solidly into congestion zone. Fully expect prices to test upper channel 12000+ soon.
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Rejection or resistance at congestion, falling to lower trendline which is normal profit taking on rallies. Channel needs to hold though.
