So, now it's a waiting game. Now, we wait to for the breakout. It is possible that the initial touch of the neckline could be a rejection, but the likelihood of a breakout is extremely high. If you want to enter the market on the breakout, for educational purposes only, you could place a buy order above the neckline, with a stop order below the neckline. Personally, I would put the stop order below the 618, but that's just me. You can use your own risk judgement for stop placement.
I have seen a lot of people talking about being low, but it's normal for to drop in the right shoulder of a pattern. Don't be concerned with that. What we want to see, is a spike on the breakout above the neckline. That's where we want to see the .
After the breakout, you can see that there are some resistance levels in the path to a higher high. First, we have the peak of 2/20, which will give resistance at 11788. Second, we have the peak of 1/28, which will give resistance at about 12190. Those resistance levels are mild, but there is major resistance at the 50% retrace, around 12750. If/when BTC confirms above that level, it will be wildly . On the MACD< you can see that we're still expanding over a crossover, and the stair-step action on the chart looks perfectly constructive. So, that's it. Be aware of an initial pullback at the neckline, and watch for the breakout. This has been your not-so-humble market wizard, droppin' knowledge like bombs in this place! Please follow, comment, like, and share on social media. Good luck trading everyone!
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
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