Bitcoin Breaking Out Again??
Güncellendi
The market that never sleeps is moving yet again rapidly as we see Bitcoin on the hourly timeframe climbing above a key level of resistance now potentially flipped support at $39658.
If $39658 holds as support then we would most likely see BTC squaring up for a targeted retest of $40555 before the end of finishing this sentence.
Right now we are only poking our head above the level, but a full body candle close above it could prompt a quick swift move to our target soon enough.
The level we are at right now is a buy with smart stop losses just below $39658.
As was just mentioned in my previous Bitcoin idea a little while ago, our ultimate target for longs are down at the $37366 area. But by utilizing the smaller time frame we can take advantage of momentum while also getting our bags filled at the prices we are most comfortable with.
Lastly, an idea that is early at the moment to assume would be a possible ascending triangle here on the hourly. If we can continue a trend of higher lows that would be a fair start as price has already hit the previous high so a pullback would not be surprising.
If $39658 holds as support then we would most likely see BTC squaring up for a targeted retest of $40555 before the end of finishing this sentence.
Right now we are only poking our head above the level, but a full body candle close above it could prompt a quick swift move to our target soon enough.
The level we are at right now is a buy with smart stop losses just below $39658.
As was just mentioned in my previous Bitcoin idea a little while ago, our ultimate target for longs are down at the $37366 area. But by utilizing the smaller time frame we can take advantage of momentum while also getting our bags filled at the prices we are most comfortable with.
Lastly, an idea that is early at the moment to assume would be a possible ascending triangle here on the hourly. If we can continue a trend of higher lows that would be a fair start as price has already hit the previous high so a pullback would not be surprising.
Not
Bitcoin has seen a breakout of our $40550 level after battling the $39658 (.786 fib) since the posting of this idea. Don't be surprised to see a backtest of the $40550 area which would make for a great long area if you are feeling like you missed the boat.Our target, which has not been mentioned yet, is $42575 which is the price Bitcoin must break above and hold if it is to continue the its current rally.
$42575 may also be the next area for a long.
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