BULLISH BITCOIN PLAY

proposed STOP LOSS: ~10,600
proposed TAKE PROFIT: ~17,000
Risk-reward: over 4x

Longer term trend: BULLISH
Current trend: BULLISH

General comments:
Bitcoin has seen bullish movements since the start of February 2018, making higher lows with highs pegged at 11,700. The result is a beautiful bilateral triangular pattern.

A bearish break below the trendline will have my bias be bearish, with a target of around 6,000.

However, a bullish break above the resistance will mean bullish movements are likely. This post will favors and assumes a bullish break in the foreseeable future.

What I like:
1) 3 touches of resistance and bullish trendline. This translates into a
well developed triangular pattern, with support and resistance being highly respected.
2) excellent risk-reward, about 4x.

What I dislike:
1) still quite premature to risk capital for the large play. Fortunately, price hitting the 11,700 resistance is quite likely considering a bullish engulfing pattern formed at the support.
2) A bearish pin formed just after the bullish engulfing bar, showing signs of weakness even for the short term play.

Other things to note:
1) Bitcoin has been bullish for the past month but many other large and mid cap coins are moving sideways. This signals a weak cryptocurrency market and should be taken into consideration should you choose to risk capital for this bullish play.

*Do support by liking and following! All suggestions/feedback welcome!

x,
iskfx