What's up traders, I hope you are all having a good start to the trading week.
Here we are analyzing BTC/USD on the 1D chart.
We have been keeping a close on Bitcoin 2.36% recently, as price has recovered well since it's lows on 6th February at 6000.
At current, price is trading at 10651, significantly higher than my last analysis. Price had a correction after hitting side-wards resistance on 20th February at 11780.
Price will now likely carry on it's upside momentum to at least the daily side-wards resistance line at 11100. If price breaks this level, we should watch for a retest of the side-wards resistance turned support before watching for a new buying opportunity. If you are already holding Bitcoin 2.36% , the I suggest you do so until we hit the resistance. If it breaks down at the side-wards resistance level , then take profits.
I am expecting Bitcoin 2.36% to hit the side-wards resistance at 11100, have a small pullback, before picking up the necessary momentum to break out of the resistance structure. When this happens I am expecting a nice breakout move where we can expect to see Bitcoin 2.36% hitting highs of around 16800 in due course.
Bare in mind, that I'm expecting more upside in the longer term regardless of how price behaves at the side-wards resistance.
I will update this analysis when I receive above 40 likes.
https://www.tradingview.com/chart/BTCUSD/d2OrJLPT-BTC-USD-Breakout-Buy-Opportunity/