BTCUSD We dropped straight through the local supports over the last few days. But now we are approaching a very long important long term support of the parabollic long term triangle.
This support is likely to bounce, we have a big chance of ranging in the triangle. Since the end of triangle is near a big move is more likely, so there is potential for upside breakout if support holds and we range back to form a new bull trend. Or we might breakout from below and see a real bloodbath like we didnt see before.
In any case a very crucial point!
I am going to open long for the initial bounce at least, might close it fast if bull volume does not pick up. If bullish momentum builds I'll hold.
Opening long at 6.3-6.5 range
SL 5930
TP if bullish momentum stalls initially close manually
TP1 7500
TP2 8000
TP3 top resistance line of the triangle
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