Looks like that channel we charted yesterday got low ratings or something! Alrite, I'm done with the pun.
Let's tune into today's breakout via the following 4HR BTCUSD chart.
I didn't throw RSI in there, but its right around 75. Not yet oversold zone. (I forgot to add it back in)
So, the next play. It's been a strong breakout, yes. But, as far as my trading strategy goes, I'm waiting for a bounce now that we broke through a significant S/R zone (around the 23.60% fib retracement).
Bounce at 23.60% (that's $9200 BTC to USD), then I'm in with yet another portion of my fiat. All part of my BTC/ETH accumulation plan.
But, you know me. I'm looking for the ETH. Let's take a look at it then!
So, here I'm looking for a dip to the 890/900 zone, then I'm in with another portion of my fiat. (This zone is not just based off the 38.20% fib retracement line, but it has been an S/R line a few times in the past, my chart just doesn't show it).
You guys also notice something else? It looks like we are out of the cloud (to the upside)...at least on the 4HR. We really need to see this on the Daily for me to believe we're in an uptrend.
Remember. None of this is financial advice. I'm just logging my trading journal here. Is anyone even reading this?
Feel free to post your comments, suggestions, or questions. I'm open to anything!