BTCUSD Consolidation Breakout - LONG

2017년 9월 12일

I am analyzing bitcoin on the Kraken exchange - XBTUSD.

After the China ban on Bitcoin news on 9/8/17, the price of BTC saw a modest drop of ~13% from ~4676 to ~4139 (a previous support level). Since then, the price has held steady above this strong support. BTC has been going into consolidation and may soon see a bull break. My target entry will be between 4150-4200. Profit target 1 will be at the resistance of 4728 with a 2nd profit target just under the all time high of 4971. Stop loss should be set below 4100, depending on your level of risk. Trend reversal may be confirmed by a strong bull candle on the daily time frame. RSI will likely not be a good indicator here because of price consolidation, but stochastic RSI can be used.

Please let me know what you think and happy trading!

2017년 9월 13일

노트

Pattern broke after a lot of negative news yesterday including BTC ban on OTC markets in China, the stock market pull-back, and JP Morgan's "Bitcoin is a fraud" statements.

Lessons learned:
Pay attention to the news.
Don't go against the trend.