Forflies Crypto

Why this pump is even more bullish than you think

Bitcoin pumped from 9,200 dollars to 9,700 dollars. It didn’t blast right through the important 9,400 dollars and the 9,600 dollars resistances, but instead saw a nice rejection at first. This is a good sign because it indicates that this could be a healthy, sustainable move up. A pump that takes out all resistance rapidly tends to be less sustainable.

This pump could have been the result of Bitcoin breaking out of a falling wedge on the daily, after having traded within that pattern for 50 days. Bitcoin may soon face the important 10,000 dollars level and breaking above this resistance could be a massive buy signal. Seeing how Bitcoin also perfectly bounced off the ichimoku cloud on the daily, scratching that important level in the next few days wouldn’t be a surprise.

While Bitcoin pumped less than 5%, Ethereum saw a much bigger increase after breaking out of an ascending triangle. That pump triggered my momentum long and, after hitting my targets at 14%, 26% and 52% profit, it just filled my last take profit order at a massive 100% profit. As always, VIPs saw how I traded this right when I set my orders the day before the pump.