BTC tests 15K – Now what? – Buying pullbacks in an emerging bull cycle
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BTC surges through 13.8K resistance = another long-term bullish technical development in BTC’s favor. BTC’s recent surge through the June 2019 resistance highs at 13.8K is yet another bullish check mark confirming a new bull cycle. While a very short-term pause appears likely (see below) we encourage investors to remain focused on the longer-term bullish technical profile developing and look to near-term pauses and pullbacks as opportunities to increase exposure notably:
Active traders – Expect a pause but don’t lose sight of the longer-term emerging uptrend For the very active trader, a pause at current levels is likely to develop as BTC rallies into the upper end of its October uptrend channel. While the trend channel is obviously not textbook perfect, it does serve as a proxy for BTC’s multi-week uptrend. With 4-hour RSI pushing into overbought territory, we would expect BTC to begin a shallow consolidation near current levels. Rather than attempt to micromanage a pullback by selling and looking to perfectly time the next intra-day low, we continue to recommend holding at current levels and increasing exposure on near-term pullback toward support between 13-14K near the rising 15-day moving aver...Unlock this article by joining our Community!
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