BTCUSD - The breakout everyone denied
2024-11-12

It's a great week out there in crypto land!

Keeping it short and sweet today:

 
 **Market Structure Broken** - I've been saying for literally months that this lower low / lower high pattern will be broken. It has broken out to the upside.
 **50D SMA** - We've overtaken the 50D SMA that I've also been discussing for months. We broke out and retested it twice in October 2024. Support held.
 **Declining Trendline Broken** - The trendline that previously was defined by the lower highs in the first point above was broken and retested. Reclaimed support held.
 **Fibonacci Extension Targets** - First target around $75k tested and destroyed. Second target around $85k hit. Currently consolidating above. Final target for this move *could be* at $108-$111k which is the 261.8% extension targets by measure of the first two upward moves that started in August 2024. More on that in the video.
 

That's really all I have to say right now. Watching from here. Watch the fomo kick in but for full disclosure, I took some profit on my BTCUSD holdings at $88,500 last night.