BITF trying to break out, possible entry around $3.63
BITF could be retesting the breakout right now and then rally higher. I'm keeping an eye on the orange line and the horizontal support at 3.63 as an ideal safer entry. Some other bullish looks are the curving hourly moving averages.
As a trade, I can see a tight stop under 3.63 depending on risk tolerance would make this an appealing trade. Just be careful to not get stop raided as it might find support on the bottom of the yellow wedge and reverse.
A bearish possibility is a H&S pattern is created and BITF tanks to the support around 3.20. Also the daily indicators are showing overbought conditions, however these can turn quickly in breakouts.
Now if it does continue to break out, keep an eye on this wedge as it could spell something bearish later on starting mid April. But if it breaks out of that wedge, I believe a strong rally will happen like in July and November.
As a trade, I can see a tight stop under 3.63 depending on risk tolerance would make this an appealing trade. Just be careful to not get stop raided as it might find support on the bottom of the yellow wedge and reverse.
A bearish possibility is a H&S pattern is created and BITF tanks to the support around 3.20. Also the daily indicators are showing overbought conditions, however these can turn quickly in breakouts.
Now if it does continue to break out, keep an eye on this wedge as it could spell something bearish later on starting mid April. But if it breaks out of that wedge, I believe a strong rally will happen like in July and November.
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