BTCUSD - Potential Setup

5 Mar 2020

Bitcoin was able to break out of the rectangle overnight, which should lead to more upside and I'm targeting the 9,400-9,500 region.
But first, we could potentially see price retrace back down to the top of the rectangle and test that resistance as support before continuing to move up.
This could be a good entry to go long for those who missed out on getting in at the 8,600 region. I'll be taking profit around 9.4-9.5k
Good luck!

5 Mar 2020

Not

Price just tapped the daily resistance. Should see it retrace back down from here and hopefully reach the top of the rectangle to add to my longs

6 Mar 2020

Not

Price just broke the local trend line, so we should see price get down to that secondary trend line. That still coincides pretty nicely with the top of the rectangle pattern, so plan is still very much intact.

7 Mar 2020

Not

Finally got the drop I was expecting. There was some big volume on that move, so I'm not sure the top of this rectangle is going to hold, or the 0.236 fib level. Price also broke below the main trend line since the beginning of this small uptrend starting at 8,400. If price continues to drop, we will be looking at that bigger trend line below to hold (the one that began this brief uptrend), around the 8,700 range.