Trade Signal: Bitcoin Hit 3 Months High And Now look Prime For Next Move Up To The 10,500 Price level
Bitcoin (BTC/USD) continues to perform well, following a 3 month price base pattern and finishing on a new 3 months high. The base pattern includes breakout and consolidation above the 50 and 200 day moving average (see red and green line on chart). Currently, price is set to breakout from the 9,600 + level with a first price target at the $10,500 level (a potential of about 900 points run!). If we get that move, bitcoin might as well continue to test prior resistance level at 12,000, but first we will look to sell half position at first target price mentioned above. While bitcoin is a risky asset, traders can protect themselves with stop at support level (see chart).