MagnusTradingGroup
Long

Outlook for next months

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
--- Please readjust the scaling so that the spiral sits just above recent price action ---

We are still in the process of consolidation.
In my opinion, the recent drop should not be interpreted as a meaningfull breakdown.
It's still within the acceptable range.
Price bounced of the longest possible MA at 222 (using Bitstamp due to good historic data).

A break (not pierce!) of the red upsloping line would give a clear sell signal with targets in the OTE             buy zone 186-200.
Also consider the yellow trendline crossing the OTE             zone.

A buying signal is a bit more complex so I subdivided it into 3 signals:
1. Buy : cross of red spiral and no new lows after that.
2. Buy : break of green trend line and holding the 231 level.
3. Buy : break of red log dowtrend line + breaking & holding of strong resistance at 260 for more confirmation

The target depends on how long you would you like to stick to your longs.
I would close all longs at 340 - 375 levels max.

Good luck ! : ]
Expect retrace from here.
+1 Reply
I was wrong about you Magnus
+1 Reply
Looks great! Keep up the good work.
+1 Reply
Thanks for checking it out. What do you think is a good target after price breaks the red log downtrend line ?
To me 325 looks decent based on the triangle target method: triangle width of 85USD added to the 240USD breakout level. 240 + 85 = 325
+1 Reply
Nice trade.
+1 Reply
Thanks ! If you really like it, feel free to support me with a free PRO membership :D
Appreciate it !
+1 Reply
Good chart!
+2 Reply
Thanks :)
Reply
Great work
+1 Reply
Thanks !
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