...the break out is good and strong so far- maybe we even have that reverse head and shoulders to work off now as a minimum upside target too...if so it carries a 3391 point upside target from the neck-line/break point which is at 8888 on Coinbase...12279.
Just maybe now we can trust it too.
But we all know by now that RHS formations have a habit of failing - but that was whilst Bitcoin was languishing below the dynamics above it....there are now none to worry about until we get much higher from here.
This break looks so good so far...we may get a retest of the neckline later which must hold if retested - but so far the break looks so good we might not even get that. Bitcoin rocks once more
The only overhead dynamic left lying around is this one on Bitfinex chart...not there on the other 2.
Will need to keep an eye on this one for that reason...has to push through the line to stay good in very nearterm - but the last 2 hours of price action have bull engulfed days and days of bearishness - as if the bears have all packed up their pic-nics and headed back to the woods - strange. But Coinbase is just 10 or so points from the last line of resistance...same as usual here...if long and day trading can close out if you want and maybe get to buy 150 or 200 lower - but if not be ready to get long again or add once the dynamic here is broken through - from that point look to stay long and maybe add on dips if it goes well - all the way to 12279 - day traders may prefer to run a dynamic under the rally as it has been straight line for 2 hours now and use that as a nearterm exit - but again, if so look to get back long from 150 points or so lower - nearest clear support on Coinbase is at 8900 and whilst above here Bitcoin is still strong.
Bitcoin Bitfinex Chart Update
Well that old dynamic above price has clipped the rally - just shy by about 11 points by look of it in close up - so can come back 150 to 200 points or so but should hold up at 8925 lowest so stops can be raised to under 8900 for now - once it can break above the dynamic on Bitfinex at 9300 now (exact high of day too, but dynamic is dropping to this level now, earlier, when tested the line was actually 11 points higher) it should begin to atract more and more buyers - can look to add at that point
Bitcoin Futures Chart - This is beginning to say that all those Wall St dudes in sunglasses waiting for 5k ...will be waiting around a really long time now to see it...like, forever.
And if it can now HODL (ha ha) above the dynamic it's now sitting on and then rally from here...how bullish would that be??? AMAZINGLY so. Need to shout for this one.
If we see this happen add or follow. what an incredible escape act it would become...it doesn't mean that it has to happen...but every move so far over the last 24 hpours has been bullish, no signs of bears anywhere - even now, at least yet...that's is impressive. So if it does rally away from the dynamic here it will totally trample the last bears standing and if they have any sense they will have to start reversing long...and forget about dreams of 5k. Because it ain't going to be happening any time soon once 9345 on BTC1! Futures chart and 9300 is taken and held by the bulls on Bitfinex
Bitcoin Futures Chart: Near Date
Bitfinex Chart Update