Decision Time. This is a short and clear post, as everything to this point has been discussed in previous articles.
Bitcoin is now fluctuating just under the discussed critical $10,500 level. As long as we are below this critical mark, nothing needs to be done. A breakdown could still technically occur, so caution is advised.
If $BTC manages to take out the level of $10,500 we will very likely see a large impulsion towards the 12k-13k zone. The amount of stop-losses just above $10,500 will fuel this move, while bears will additionally turn their positions further driving up the price. This is the make it or break it moment we waited for a long time.
To be precise:
$10,492 is the level that needs to be taken out on Bitfinex
$10,550 is the level that needs to be taken out on Bitmex
Most likely all these levels will be taken out simultaneously. Suggested initial stop could be placed at around $8,850 which is the last Low of this trend. Expecting major volatility, scamwicks and exchange outages. Do not enter before the break of this level as the risk of a failure/breakdown is too high. Wait for the proper signal, then enter with conviction and a plan. In anticipation of exchange overload it might be wise to place stop-orders at above respected levels.
May the Green be with you,