ItisCalvin
Long

Seen the Bottom, Waiting To Breakout

BITSTAMP:BTCUSD   Bitcoin / Dollar
140 2 0
At this point it looks like the market has gotten stuck in between the two Fibonacci retracements while the BBands are providing dynamic support levels. Looking at the Fib circle it may be possible that in the next 2 hours we are going to see a breakout. I would have to push out further to see if it would go up or down, but I have a feeling it will go up. Only really going to see small 20 movements over the next few hours.

Now the MACD is about to crossover. I may say that it could do it just in time for the breakout. This could be a possible BUY indicator since it currently is in the SELL from the previous crossover. Keep in mind that it is a lagging indicator and will take more time to confirm the upward trend.
Stoch RSI on the other hand has been stuck for some time in the SELL downward trend portion. It only barely managed to get above 50, but not long enough to give a good upward movement. I looks as if it may fall lower, but being as it is oversold I kind of expect it to go into upward trend territory.
RSI follows the price a little better in that it is ranging while the price ranges. It has been above 50 the whole time. It has been for the past few hours in SELL mode and I think it won't stay there for much longer.

Based on all these indicators it looks like if we breakout it will be upwards. Still need to wait another hour to see if any of these start to confirm, but I am optimistic on the direction of going up.

At this point I think we all have factored Mt. Gox into the price and even if they did say the were insolvent I would only expect that a small mark down phase to begin before going up.


The range is between 20, but the contractions could mean less than 10 movements until breakout. If you buy in now have a stop loss of no more than 485 since that is possibly the lowest it would go based on Fib. Don't have a definite short term profit target but somewhere around 600 could be in order.
ChsaDos
2 years ago
I'd have to disagree
snapshot
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ItisCalvin ChsaDos
2 years ago
Can you elaborate on exactly where you think we will go? Just kind of curious as to how much you think we could fall.

As I stated I am more BULL at this point, but I have yet to see any confirmations on the indicators.
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