Smoak

Possible Bitcoin Movements

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
I've charted some possible paths. Until we get some major movement the best call right now is a neutral one. I'll be updating as time goes by.
Comment: I know it may sound unrealistic but I think we hold this line and pop up. Good trade setup with minimal loss if you place a stop right under it.

Comment: We held the line :) Just a heads up that 8280-8300ish offers a lot of resistance. I expect that we may see a drop around there.
Comment: This is the line I'm watching. I'm anticipating a move down but you never know...

Comment: Bitcoin seems very bullish but needs to get above this trendline. The indicators and prevailing sentiment point to a move up. However, I opened a short position as we hit the trendline and put a stop just above it. Minimal loss if I get stopped out...big profits if we see a swing low.
Comment: This has been a profitable trade. For what it is worth, my trading strategy is to buy on strong support and sell on strong resistance. I've found that it far less stressful and far more profitable to trade the swings and enter a position for weeks at a time. Unfortunately this also means that I don't update the charts as often as others. Please let me know if you would like more frequent updates as I don't know if many people read this :)

I've noticed many people on here blame whales, manipulation, unexpected news, etc. for their poor trades. By trading the larger time frames we can eliminate the feeling that other people control our success. (Apologies for the rant...)

FWIW, I see bitcoin heading to the 7100 level.
Comment: These are the lines I'm watching. Although I didn't include it, we are currently just under another trendline and it is acting at resistance. My hunch is that we will hit the bottom trendline at about the $8050 mark but it is equally likely that we break upwards and test the top trendline. No advisable trades at the moment.

Comment: That last drop was fairly significant in that we've now lost the trendline that has been holding us. If you are playing the smaller time frames look for the next bounce to occur at the line below us.

Please do update frequently!
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