BTCUSD Ready for Continuation of Recovery Move.

With the recent bounce from bloody Tuesday, we could see a continuation move up very soon. This post collapse recovery should provide a good move to the upside after the recent consolidation over the last two days.

The Daily Pivot Moving Averages (MAs) were still showing downward momentum until early today at the start of the new session. This indicates the market is reversing and is ready to move higher. The crossover of the red MA14 of the yellow MA30 is a clear indication of this premise.

The Daily Pivot and Pivot Range (blue dots) is narrow and usually an indication the market is ready to pop like a rubber band pulled too tightly. Look for a slingshot move to the upside if the price can breakout of 11645.

Place the stop loss at the Opening Range low indicated by the lower set of white dots.

Set a first profit target at or near a recent high move. If this is hit then raise the stop loss to breakeven and look to trail the stop loss on remaining position until stopped out.

Entry Price: 11645
Stop Loss: 11227
Profit Targets: First profit target 12099. Once first profit target is reached, raise stop loss to breakeven, then trail a stop loss on remaining position 200-250 points behind to safeguard profits.