It looks like btc is bouncing off key support at 56500-59500 usd. Key resistance is now at 72-74k. It has stayed in this trend from going in between these zones since late February (last 4 months). The RSI was also oversold at both 4H and daily. We are now looking for the MACD to flip bullish at higher timeframes 4H-1D (it is already bullish at 1H). When btc confirmed support (looking to at least get a bounce) and broke out of the downward sloping trend. I went in with a 100x long. The trade has been made risk free and I will move my stop loss into more profits (usually under the last bottom) as prices keep rising. Btc and the S&P500 index is also related and the S&P500 index is reversing and has some nasty gaps to fill. I predict that this index will get a correction of at least 7%. This is bullish for bitcoin! But let me tell more about the current trade. The worst possible scenario at the time of writing is that I get a 152% ROI and the best that can happen is that I make a 2000% ROI. This is a good position to be in if you ask me. I will make money regardless!
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Btc is currently testing the support of a small ascending triangle. This is most probable of breaking to the upside and continue the trend. I am holding my long position with calmness and ease.
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The ascending triangle is tested and confirmed. We are ready to reach higher on the short term!
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If you are wondering what we are experiencing right now. We are just testing support. The sellers are looking weak and we just got in a bullish reversing doji candle. The bulls are in control!
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Looks like we are going for the final test. I am not moving my stop loss.
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The stop loss is at the white line. About 187% ROI if that happens.注释
Tested support once again. From a technical standpoint we also made another higher low. I moved the stop loss accordingly.
We could potentially be inside this bigger ascending triangle. Keep in mind that the trendline only has two touching points, indicating that it is weak. Summed up we are still looking bullish!
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I am currently out of the trade with about 200% profit. Time to look for the next opportunity!
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