Bitcoin – breakout or fake out?

13.05.2022 11:23 pm

Hello, everyone!

As you know yesterday I bought Bitcoin according to the divergence with the MACD histogram. Also I pointed out that the countertrend line breakout is vital if we want price to reach the target of $35000 (Fibonacci golden pocket).

Today BTC demonstrated this breakout but it is not sufficiently impulsive, so it can be the fake out. I am still holding this long trade because of the huge volume, which in my interpretation can stop the trend, at least locally. Moreover the price broken to the upside the S2 weekly level and now retests it and the countertrend line. To continue this trade I want to see the inverse head & shoulders pattern as I drew on the price chart.

Good luck!

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