BTC 9-9.2K soon to come and here's why

22 May 2018

Looking at the 4 hr. chart you can see we had a small breakout from the bullish divergence I called a week back. It has since gone back down but is slowly turning into an inverted head and shoulders pattern. We also have uptrend patterns on all 4 of my indicators which leads me to believe this will breakout as expected. Now with that being said patterns are not a guarantee, especially not in crypto so be cautious. We do have a lot of overhead resistance just above us with the 50, 200, and 1200 EMA all right above us. If you're not in all ready i would make a buy at 8-8.2K range and put a stop loss or stop limit just below the red uptrend line to minimize your risk. Should it break below this line that would be a bad sign and we would very likely retest the 7.2K area. Good luck and happy trading!! :)