BTCUSD has finished Monday higher, taking out Sunday's high and notching a three week record close above 11000. Strength has continued through early Asian trade and pair is currently testing the falling channel top below 11500:
Closing power above 11500 would signal the down-trend from December 2017 is now over and open up the path to the 50% level at 12950. Initial support is is the 38.2 Fib at 11300, followed by Saturday's close at 11060. A reversal below 11060 would likely signal a larger correction down towards the 23.6 Fib around 9275.
Though I am looking for the pair to break higher today, this is a major resistance zone and pair could turn violently lower. As such, I have closed half of my long positions, banking 1 x risk and giving me the freedom to hold longer term comfortably. I will trail stops to $100 below individual entries on remaining longs, leaving me with half a coin and only $50 profit at risk.
Very pleased with this trade - break from the markets over summer did me some good.