For education.
Price (rally and pause at resistance)
Following on from yesterday's review (here), the BTC price continued its northwards move but encountered resistance at the $9,700 level and pulled back to the rising trendline (which was expected).
The price is currently trading at about $9,450 after having retraced back to the $9,200 which was coincident with the trendline support and the 50% fib retractement level.
This price action indicates some support at the $9,200 level so if you're in these trades, you could move your stop to just under the $9,200 level to lock in some profits (not advice!).
The trend remains unbroken and the price is looking fairly strong, but we are entering an area of signficant resistance ($10k+) so it makes sense to be a bit protective. A break below the $9,200 level will bring the trend into question.
Until tomorrow,
Bobby
(Trader)
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