is finally looking constructive again. We have broken a downtrend line and made it above resistance in the $9,250 area that was formed from the mid-January lows and early-February mini-consolidation. I think the downtrend and horizontal resistance (green shaded zone) breakout have set us up for at least a retest of $12,000. The $12,000 area will present a particular challenge due to the resistance created by the neckline of the topping pattern (major distribution area).
Before I call for all-time highs I want to see how Bitcoin
reacts to the $12,000 area. Also, before entering this trade on the long side, either wait for a consolidation on the 1 hour chart or a successful pullback and retest of the $9,200 area of support (green shaded zone).
First Target: $12,000
Second Target: $20,000
Stop Loss: $7,750