The last 24 hours of bitcoin price action has been fun as we have seen a fake out breakout on the hourly chart once and now maybe twice.
The daily candles are tight and slightly grinding higher, which is why I moved to the hourly to get a clear idea of where the resistance points were and where to anticipate a breakout.
With that said, about 49,500 was the level that price was hitting its head alot before pulling back toward 48k.
Last night, price pushed above that, triggering a long trade in anticipation of a price above 50K and then some.
What we got was a quick spike, no follow through and then a pullback into the 48K area again.
Well, I got long and set my stop just below the consolidation level of the breakout range (48.5K) and then went to bed since this moved happened late on EST time.
Clearly, I took an L. After the 50K spike price traded down to 48K stopping ne out before pushing back to the top of this range it has been battling.
Now we see price just spiked through 50K again and immediately pulled back below 50K again.
I'm sitting on the sideline waiting for a confirmed breakout and close above 50K on atleast the hourly chart.
NOTE: this post is from a day trading perspective. Long-term, I added some on the little dip as price will likely be above over 50K at some point over the coming months regardless of what happens over the next couple weeks.
Posted Using LeoFinance Beta