Yesterday I posted about Bitcoin trading within a Triangle and there being a very important decision to be made whether it would continue its bullish trend or if it would break to the downside to test the lower support one more time. Well This morning it climbed to the top of the triangle and broke it with a very sharp impulse move.
Now after this impulse move we are looking for a possible pull back which we have seen. This pull back might come back even more so wait for a break of this current move to enter the trade to catch the possible upside of this trade.
If you have been following me for awhile you would remember that we are looking for a retest of the top resistance line of the flat pattern it is making. So our target for the completion of this move is near $11,500. Now this target is just to see the resolution of the current flat pattern, it could very well break this trend and shoot upwards even more but until we see what the market is going to do that is the target we are looking for.
In the long run we could see another significant downward move after the completion of this flat so it is important to take profits while you can in order to protect your assets in the process.
As always have a great day and a better one trading. If you have any questions or concerns please leave them in the comments below and I will try to get back to you in a timely manner. If you want to check out my previous posts I will post them below.
BNB: https://steemit.com/steem/@ricjames/breakout-pick-binance-coin-bnb
BTC: https://steemit.com/steem/@ricjames/daily-update-on-bitcoin
S&P500: https://steemit.com/steem/@ricjames/weekly-outlook-s-and-p-500