Over the last 2 weeks Bitcoin has shown its face in an interesting way. The bullish rocket that tapped 10500 and immediately corrected to 9100 broke out of a solidified channel that began in early May. This "false breakout" is a bearish sign, as the bulls failed to hold the price up. Since then Bitcoin has ranged a few hundred dollars at a time, before breaking to a lower support.
Today, the 2020 Summer Solstice, we have tapped the 9100 support that has supported the price for the last 10 days. A bullish candle with a strong opening wick has brushed the support. In tandem, on the daily timeframe we had a "falling three" candlestick pattern, which is a bullish indication.
With liquidity around 9450 and 9750, I am placing my first and second targets there to close my long position. Over the next week I am expecting a test of the 9450 resistance, and if that breaks a test of 9750.
Long Position:
Entry --> 9290
Target 1 --> 9450
Target 2 --> 9750
Stop Loss --> 8860
Today, the 2020 Summer Solstice, we have tapped the 9100 support that has supported the price for the last 10 days. A bullish candle with a strong opening wick has brushed the support. In tandem, on the daily timeframe we had a "falling three" candlestick pattern, which is a bullish indication.
With liquidity around 9450 and 9750, I am placing my first and second targets there to close my long position. Over the next week I am expecting a test of the 9450 resistance, and if that breaks a test of 9750.
Long Position:
Entry --> 9290
Target 1 --> 9450
Target 2 --> 9750
Stop Loss --> 8860