BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
"On the other hand, if a stock falls but the MACD flattens out and starts to move up, a near-term bottom in the stock is likely."

Trendlines are unreliable and sometimes the market can just go straight through in to a sideways continuation. But why waste a chance to post this chart just on the possibility it might go up.

T-7 and counting...
near term bottom means shakeout to 6K to 5.8k before good uptrend?
Rotox WealthHustler
@WealthHustler, It's possible, moreover it's tempting for anyone with the capacity to do so, but breaking up to fake the end of the downtrend claimed a lot of victims back in May 14 as well. The beauty of the bear market this year has been the ability to ride big swings in both directions, which imho is easier to trade than trying to trade dips during a bull market. We haven't tested the 1D 200MA since May which is currently at 7250, so my sense of things at the moment is it would make more sense for a bearish continuation to test that and fail rather than trying to break well established support at 5800 straight away.
@Rotox, thank you for your input, cheers! followed you too :D
+1 Reply
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