Bitcoin continues to test resistance at $9200

Btc had just broken out again with some great continuation.

On the 4 hour charts we saw a tightening equilibrium pattern that broke bullish for some small gains. Currently looking to see if we can establish an bull flag on the 15 minute time frame to see if we can get any further continuation. We are due for a pull back so if we are unable to break $9200 convincingly then the chances of a pull back increases significantly.

My trade of the day

Here's a look at my trade today. Not a massive gainer but enough to lock in a 2% move for BTC.

I entered at around the $8950 mark once we broke the EQ/ ascending triangle and exited just below $9200 once we started to see some pull back. I could have easily entered a trade in at the $8800 mark and waited for the bull break out but did not do this as I wanted to stay protected. This meant that I did lose out in potential profits but allowed me to minimise my risk significantly.

Happy trading guys :)