Watching for rectangle breakout

Greetings everybody,

Last week was relatively quiet on BTC market. It seems that our suggestion on small retracement was correct. Indeed, market is coiling above 3/8 Fib support on 1H chart, which is also broken daily K-support area.
To not bother you with details, we just tell that bullish context is still valid. Besides, as BTC is coming to halving in May, we suggest that miners' activity and hash rate will grow. This will be additional support factor for the market.

In nearest time it is not much to discuss. While we stand inside the rectangle we could talk only about small action. Today, for example, as we've got fake upside breakout few hours ago and bearish engulfing pattern inside - we suggest price return back to the lower border of consolidation. Major direction, as always, depends on the way of patterns' breakout.

That's why, if you want to possess yourself on major direction - you could consider using of stop entry orders - stop "buy" above rectangle and stop "Sell" below it. But be aware of fake breakouts, place orders with some room to let market breath.

Our upside targets are the same - 9.7, 10.1 and 10.5K $. Downside targets we do not consider yet as context stands bullish.

Extended view on "The halving" you could read in our blog.