kaz_takari

We're Back in February - Bullish Stoch & Breakout Confirmation

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
593 1 5
The Stoch RSI oscillator has an amazing track record with Bitcoin . Every sub-20 dip on the oscillator within the past year has marked an extraordinary buying opportunity, at least in the short term. We are once again at such an occasion, Thus, if this pattern continues, its a great time for a quick buy. However, in this specific case we notice several characteristics remarkably similar to what might be considered the "bottom of the bubble" back in February.

First, previous to the dip in the stochastic , we experienced a key breakout, moving us from our normal trading range, up to a range near a key psychological round number: Back in February, this number was $20, now it's $200. In both cases, a rally started, moving us into overbought territory on the stochastic for a fairly extended period of time (at least, in Bitcoin standards). Next, a "correction" occurs, but is almost immediately reversed, bringing us back near new highs. This bullish support provides confidence to investors, triggering a new boom and bounce off out of the current oversold levels to all-new highs. As such, I recommend a buy, especially if the price action is confirmed by breaking the October high.
Satoshisays
3 years ago
You sir , nail it +1
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out