BTCUSD - Classic long setup
In my last BTC analysis, I warned about the Head and Shoulders, and if triggered, could sink the prices all the way back to U$ 3850. Fortunately, the ghost of this bear pattern is disappearing (almost completely), and the bulls are showing strength.
Now we see that the price respected the upward tendency line (purple), and a harami cross pattern appeared in the chart (yesterday). Today occurred the breakout of yesterday’s high, confirming a long setup. Let’s hope the price will maintain at high levels, because if they drop below yesterday’s low or under the purple line, and close at that level, it will put the trade in danger.
If the price close above the harami, probably the BTC will breakout the U$ 7306 (first challenge) and will seek the U$ 9.2k again (previous top/target).
The U$ 9.2k is the most important region here, it served as support and resistance in the past (rectangles) and is a good technical target to aim.
Now we see that the price respected the upward tendency line (purple), and a harami cross pattern appeared in the chart (yesterday). Today occurred the breakout of yesterday’s high, confirming a long setup. Let’s hope the price will maintain at high levels, because if they drop below yesterday’s low or under the purple line, and close at that level, it will put the trade in danger.
If the price close above the harami, probably the BTC will breakout the U$ 7306 (first challenge) and will seek the U$ 9.2k again (previous top/target).
The U$ 9.2k is the most important region here, it served as support and resistance in the past (rectangles) and is a good technical target to aim.
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