Bitcoin is breaking out again! After spending some time consolidating in the $1800 to $1840s, it soared to it's current price of nearly $1920! Let's see what's going on.
After consolidating for the better part of a day and building quite a bit of support at $1840, Bitcoin broke above support and rose to the $1850s where it consolidated briefly into a small triangle formation, then broke out of the triangle and blasted to $1920! It is pulling back to $1914 at the time of this writing.
I would expect price to bounce around a bit between $1920 and $1900 to build support at these new highs. However, if we take the "pole" of the triangle flag and copy it, the pole would reach from $1860 to $1930, so we could very well see the market test that level.
If we put a Fibonacci Retracement tool on this rise, we can get some ideas for buy zones. Look for entries at the .382 retracement($1873) to the .618 retracement($1845). It's important to note that the .618 retracement also lines up with support in the $1840s, so we could very well see a retest of this level in the coming hours/days. There is even more support at the .786 Fibonacci level($1830s), so we could even see a retest of those levels.
It's awesome to see Bitcoin gaining more users and more popularity. However, we are really in open air up here, so keep those stops tight. As always, trade safely.
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Disclaimer: I am not a professional. Trading is risky and you could lose money. Only invest if you're sure what you're doing.