ChartArt

I hereby pronounce a bounce from $255

BITFINEX:BTCUSD   Bitcoin / Dollar
392 21 2
UPDATE: The price moved below the red resistance lines and then crashed down one leg further.

The Bitcoin price is starting to go up right now. I expect a bounce if the price stays above $272 on Bitfinex. I have put the entry of the long into the future, meaning the trade should only be started if the price has stabilized until then.

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I originally wanted to move the long entry (green area) on the chart just one day into the future after a dip overnight on Monday to start on Tuesday, 6th at 12:00 UTC (where the price now rallied up as expected) and not at 12:00 UTC on Saturday, 10th (chart above) as I mistakenly did.
Just $272? We're awfully close to that already.
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ChartArt MoonTrader
Yes, because of the high risk that it falls down again. That's why I have put the entry of the long into the future meaning the trade should only be started if the price has stabilized until then.
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Rashad ChartArt
This was definitely a bounce! If Bitcoin's price is stable on the 7th or starts to head higher I will definitely go long. I am very interested in this Wednesday the 7th, as that's when Bitcoin's Long-Term Falling Wedge support approximately intersects Bitcoin's long term support line. If it holds, the long term support line should give Bitcoin a point to bounce off of and hopefully breakout of the falling wedge (since Bitcoin's all time high). Overall, I am optimistic!
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Could you show your chart of that?
My long terms intersect on 2nd Feb, so maybe I'm seeing something different.
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Rashad johnrfraser
Bitcoin
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Thanks Rashad. Here's mine showing a slightly later intersection....
snapshot
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ChartArt Rashad
I agree. Next 24 hours, Wednesday the 7th are critical. We need to stay above $267 to confirm the uptrend (ideally above $272).
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Qiuness ChartArt
I agree. I decided to short 275 to 265 with a stoploss at 280
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Qiuness Qiuness
that turned out badly :)
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Rashad ChartArt
Hmm, that happened a bit faster :D
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Qiuness Rashad
yeah... quesiton is... will it drop or will it sideways before another pump
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MoonTrader Qiuness
Looks like it's forming a flag to take us into $290s territory.
+1 Reply
johnrfraser MoonTrader
According to this doesn't it look like it's done?
snapshot
+1 Reply
sammantic johnrfraser
A pre- BitStamp going live again pump...followed by withdrawals en masse from their exchange. I don't trust the move.
+1 Reply
Rashad sammantic
Even if people withdraw there money from the Bitstamp exchange, it doesn't mean that they just won't be moving their money to other exchanges... And Buying on fear of missing out.
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MoonTrader johnrfraser
I don't really use indicators.
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johnrfraser MoonTrader
I'm going to wait for the/a bottom of the cci cycle and probably buy then...281 might be it though...
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Rashad Qiuness
Stochastic 15,3,3 on hourly charts is very bullish, as well, the MACD (with default settings) is finally turning positive. The next resistance level (R3 Fibbonaci daily pivot) on OKCOIN is 284.83. A break out from here could send us all the way to the monthly pivot point of ~303, which would take us even higher if passed. Right now it appears people are buying up what they believe to be a Bottom.
+2 Reply
the calm before the storm
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Nobody is going to believe me anyway now, but I originally wanted to move the long entry just one day into the future to start on Tuesday, 6th at 12:00 UTC (screenshot) and not at 12:00 UTC on Saturday, 10th (chart). Here is the chart with I originally wanted to publish it. At least the stop loss lines were right:

snapshot
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Qiuness ChartArt
hehe, nice one! We are bound for a correction downwards
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