Interesting night last night, just getting moving over here ont he West Coast (EST) -
We had a breakdown below the Cyan Support Line and hit a key support zone that I identified in a previous chart. I made some quick profits on a tight scalp with that move, hopefully some others did as well.
Some of you will be irritated by my post, but my intention is to try and predict all POSSIBLE paths that bitcoin can take - not to predict the one that it WILL take. With that said, I believe bitcoin will follow one of the following three paths, identified as A,B,C below:
Path A: Breakthrough the current and head up towards 9450-9550, at which point we would reanalyze.
Path B & C: Bounce off the current back down to the previous -
Path B Continued: Push up and out and basically continue along the path of A
Path C Continued: Collapse through the previous after a retest, and proceed downward at which point we would reanalyze.
I am not in an open position at the moment. I am waiting for the chart to develop before entering a trade. It is too indecisive for me at the current time given my trading style and system.
Good Luck All - give me ten likes and I will update this chart.
See you on the trading floor.
White Line - Previous Support / Now a Resistance
Grey / Purple Boxes - Support and Resistance Zones
Purple Lines - with Break Out Confirmed
Cyan Lines - Previous Lines
Green Bubble - Area of Interest from Last Night
Yellow Lines - Possible Moves
Volume Reducing since the spike -
Looking good for another breakout - but as always, be aware of traps.
Stop Losses and Take Profits, Position Sizing, are most important
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Good Luck. See you on the Trading floor.
Bet with your head, not over it.