BTC/USD breakout today, showing signs of recovery

Bollinger bands breakout

Todays Bollinger Bands breakout has been “boiling” for a few days now, but prior today the market was moving pretty much sideways indicating that the bulls were simply looking for the right moment to arise.

Bitcoin versus the USA dollar BTC gained against the USD on april 22I had my own long position opened on the 19th of April already, so I guess I was there a little bit early. Nevertheless, the breakout happened and as a result the market is starting to look a lot more bullish once again.


Currently overbought

While there is still some room for the pair to gain, I strongly recommend closing your long positions at the moment unless you are aiming for something bigger in the long run. (I am trading mainly on the 1H and 4H charts) It’s very likely the market will pull back around $228 area fairly soon.

$240 is not far

It will not take long for the Bitcoin to test a resistance level at $240,495. At the current rate this should be easily achievable later this week.

Author: ynef

29 year old freelance writer and web developer. A technophile who appreciates and respects mother nature in all of its glory. Favorite skills in Runescape include Farming, Herblore and Magic.


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