BTCUSD looks strong on the upside.
The chart first formed a strong support with TDI diversions. Followed by the first leg of up move. We are watching some resistance because of the trend line firstly and secondly this area has acted to be a resistance zone earlier too, hence 55000 is an important zone.
Now two trades are possible-
Case 1- Breakout- If it breakout above 55300 then it is a good buy.
Case 2- We can see a pullback and if it takes support on the trend line then we can add long position.
In both the cases, a strong up move is expected which can take it to 57000 followed by 60,000 levels.
The chart first formed a strong support with TDI diversions. Followed by the first leg of up move. We are watching some resistance because of the trend line firstly and secondly this area has acted to be a resistance zone earlier too, hence 55000 is an important zone.
Now two trades are possible-
Case 1- Breakout- If it breakout above 55300 then it is a good buy.
Case 2- We can see a pullback and if it takes support on the trend line then we can add long position.
In both the cases, a strong up move is expected which can take it to 57000 followed by 60,000 levels.
Comment:
The pullback we saw is just a start for a bull run. Expecting a breakout soon.
Comment:
A perfect bounce as expected.
Trade closed: target reached:
High made 59417