DavidR.

Bullish Diamond Bottom Reversal - Bitcoin

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
7
It's starting to resemble a diamond bottom reversal pattern. Bears have beaten down and suppressed price to a point where bulls are not currently interested for fear of whipsaw. This will continue until bears exhaust themselves and allow the indicators to reset in favor of the bulls.

Good chance to go long on the breakout for a 70-75% retrace to the upside. This would put an exit point near 200EMA as well as give an option to short back to the trend line if a further move up does not develop and/or the bears take over too aggressively.

Be ready for the up but also expect a slam down. This could resolve in the next 24-48 hours.